In a significant move, the issuer of the world’s largest stablecoin, Tether, plans to make significant inroads into the Bitcoin (BTC) mining space with a significant investment of $500 million.
Tether hopes to realize its ambitions of reaching 1% of Bitcoin mining computing power under new CEO Paolo Ardoino.
Tether Eyes Bitcoin Mining Space
Tether is planning to push into Bitcoin mining under new CEO Paolo Ardoino, who is set to take over soon. According to Ardoino, the issuer of the world’s largest stablecoin plans to spend a staggering $500 million in the next six months to facilitate the construction of mining facilities and make investments in other miners. Ardoino further added that the company plans to build mining facilities in Paraguay, Uruguay, and El Salvador, as it looks to grow its computing power to 1% of the total Bitcoin mining network. The new sites will have a capacity of anywhere between 40 and 70 megawatts (MW).
The investment also includes a $610 million d
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