Tether plans major expansion into BTC mining with $500M investment: Report

Tether is planning a large-scale expansion into Bitcoin (BTC) mining, according to Paolo Arduino, who is expected to take over at the helm of the company soon.

The stablecoin company may spend around 500 million dollars in the next six months for the construction of mining facilities and investments in other mines, Ardoino told Bloomberg. As the company grows its computing power to a 1% BTC mining network, it will build mines in Uruguay, Paraguay and El Salvador. The new sites will have a capacity of 40 to 70 megawatts (MW), he continued.

We are very close to adding another very powerful piece of the puzzle to the @Tether_to ecosystem.

A total of 5 mind-blowing projects for 2024 (and counting). A couple of these may eliminate some popular Web2 Central services for good.

A pure real-world ecosystem aka “things…

— Paolo Ardoino (@paoloardoino) November 12, 2023

The mining investment Tether announced earlier this month includes a $610 million debt financing facility for German miner Northern Data Group. The loan was in line with an increasing number of loans made by Tether this year, which in September made a strategic investment in North Data Group to support its artificial intelligence initiative.

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Arduino went on to say that Tether will increase its live mining capacity to 120 megawatts by the end of the year and up to 450 megawatts by the end of 2025. Containers that can be moved when the price of electricity changes. Arduino said in an interview:

“For us, mining is something we have to learn and develop over time. We are in no rush to become the biggest miner in the world.

Arduino will become Tether's CEO in December and will take over as chief technical officer of parent company Bitfinex, according to plans announced in October.

Tether did not respond to an inquiry from Cointelegraph at the time of publication.

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