Stablecoin issuer Tether has expanded its mining endeavors by collaborating with Swan’s Managed Bitcoin Mining service.
According to the press statement, the firm has dedicated an undisclosed amount of substantial capital to establish its Bitcoin mining operations through Swan.
Swan’s Managed Bitcoin Mining allows institutional investors to commit a minimum of $100 million to the Bitcoin mining ecosystem. Through the service, the firm plans to offer bespoke mining operations tailored to the specific needs of its clients.
Since August 2023, Swan Mining has spent over $330 million to increase its mining capacity to 7.5 EH. However, plans are to increase the capacity to 19.5 EH this year and about 100 EH by 2026.
Paolo Ardoino, the CEO of Tether, said:
“The collaboration with Swan in the mining sector has exceeded our expectations. Swan’s team has demonstrated an unwavering commitment to transparency and operational excellence, achieving rapid deployment of hashrate.”
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