Stablecoin issuer Tether is making a significant push into Bitcoin mining with the goal of dominating this highly-stacked market.
The company, according to newly appointed CEO Paolo Ardoino, is looking to pour out $500 million over the next six months. Building new mining facilities and acquiring stock in already-existing mining companies are two aspects of this audacious expansion.
In order to rank among the top Bitcoin mining businesses worldwide, Tether has made some quite significant progress.
The company’s proposed half-billion dollar investment is a big move that might propel the $87 billion stablecoin operator to new heights in a highly competitive market like cryptocurrency mining.
JUST IN: Tether plans on spending $500M to become one of the world’s largest #Bitcoin miners
With mines in Uruguay, Paraguay and El Salvador, they aim to grow their share to 1% of the total #Bitcoin hash rate pic.twitter.com/S0NIUdZU30
— Bitcoin News (@BitcoinNewsCom) November 16, 2023
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