Stablecoin Giant Tether Seeks to Be Major Bitcoin Miner, Pledges $500M

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  • Tether Holdings plans an ambitious $500 million investment in Bitcoin mining.
  • Its strategy includes building mining facilities globally across three countries and acquiring stakes in existing mining companies.
  • The company previously disclosed it was near completion of Bitcoin mining software.

Paolo Ardoino, the incoming chief executive officer of Tether Holdings, the issuer of $87 billion USDT stablecoin, has disclosed the company’s ambitious plan to establish itself as a significant player in the Bitcoin (BTC) mining sector.

Ardoino made this revelation in a recent interview captured by Bloomberg. According to the report, Tether aims to invest half a billion dollars over the next six months to solidify its presence in the fiercely competitive Bitcoin mining industry.

During the interview, the incoming CEO of the USDT stablecoin firm revealed that Tether’s strategy involves not only constructing its own mining facilities. It also includes acquiring stakes in other companies operating within the Bitcoin mining space. This significant financial commitment underscores Tether’s determination to diversify its business operations and position itself at the forefront of the mining market.

Furthermore, the report noted that the stablecoin issuer is set to build its mining facilities across three countries, signaling a global approach to mining endeavors. This move aligns with Tether’s broader vision to extend its influence beyond stablecoin issuance and leverage its resources to participate actively in the blockchain ecosystem.

Notably, Tether’s declaration of its intent to invest $500 million in Bitcoin mining comes a few months after the firm disclosed its endeavor in mining software. Specifically, Tether noted it was developing mining software to streamline the management and interaction processes with major mining entities like Whatsminers, Antminers, and Avalon Miners.

Paolo Ardoino himself, who currently serves as Tether’s CTO, posted about the Bitcoin software on the X platform. Ardoino also alluded to upcoming expansions of the mining software. He hinted at its eventual inclusion of energy production monitoring. Moreover, he also indicated the possibility of open-sourcing specific components of the initiative.

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