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Tether (USDT) is expanding into Bitcoin mining by investing $500 million in rigs

Published: October 19, 2023

Written by:barnaby

Tether’s new venture involves hosting mining fasciitis around the world.

Tether (USDT), one of the largest stablecoin providers in the cryptocurrency industry, has set its sights on Bitcoin (BTC) mining.

Tether intends to commit a $500 million investment into its new Bitcoin mining project in an attempt to diversify and participate in the security and stability of Bitcoin’s network.

This strategic move positions Tether as a key player in the broader crypto ecosystem by directly investing, and owning, a part of Bitcoin’s network.

The company aims to build mining facilities in Paraguay, Uruguay, and El Salvador where Tether hopes to maintain at least 1% of Bitcoin’s mining network.

According to Paolo Ardoino, Tether’s future CEO, each new mining location may be able to hold between 40 and 70 megawatts.

By December 2023, Paolo Ardoino will be Tether’s CEO while simultaneously holding a chief technical officer position at the cryptocurrency exchange Bitfinex. 

Tether’s assault into Bitcoin mining is not only a new investment for the company but also a significant step toward shaping the future of Bitcoin’s mining future. 

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