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 <p class="is-style-lead">Tether Holdings ventures into Bitcoin mining, <a rel="noopener noreferrer nofollow" title="invest" href="https://thebittimes.com/tag/invest.html">invest</a>ing $500 million to establish operations in Uruguay, Paraguay and El Salvador.</p>
 <p>USDT stablecoin provider Tether is venturing into Bitcoin mining, aiming to position itself as a major crypto-miner in this highly competitive field. The company will <a rel="noopener noreferrer nofollow" title="invest" href="https://thebittimes.com/tag/invest.html">invest</a> approximately $500 million in the next half-year, revealed Paolo Ardoino, the soon-to-be CEO. This ambitious move includes the construction of new mining facilities and acquiring stakes in existing companies.</p>
 <p>Recently, Tether extended a $610 million credit line to Northern Data AG, a Frankfurt-based Bitcoin mining firm, and even purchased significant shares in the company. This strategic <a rel="noopener noreferrer nofollow" title="investment" href="https://thebittimes.com/tag/investment.html">investment</a> is part of Tether’s broader plan to diversify its revenue streams beyond its primary business of managing USDT stablecoin.&nbsp;</p>
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 <h2 class="wp-block-heading" id="mining-operations-in-south-america">Mining operations in South America</h2>
 <p>As a part of this new venture, Tether is establishing mining operations in Uruguay, Paraguay and El Salvador. Each location will boast capacities ranging from 40-to-70 megawatts. Ardoino, while not specifying a timeline, has set an ambitious target for Tether to achieve 1% of the total computational power of the Bitcoin network. This goal is noteworthy, especially when compared to Marathon Digital Holdings, the largest public Bitcoin mining company, which currently holds about 4%.</p>
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   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/11/17/828f601c033cedf964aa32a5b253fa39.webp.webp">
   <img decoding="async" width="1024" height="354" src="https://cdn.thebittimes.com/images/2023/11/17/828f601c033cedf964aa32a5b253fa39.webp" alt="Tether to become a Bitcoin miner with a $500m investment in 2024 - 1"> 
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  <figcaption class="wp-element-caption"><em>Source: Tether Energy</em>
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 <p>By the end of 2023, Tether aims to reach a direct mining capacity of 120 megawatts, with projections to expand up to 450 megawatts by the end of 2025. Ardoino also mentioned to Bloomberg that around $150 million is earmarked for direct mining initiatives, some of which are still being allocated to new sites. This expansion represents a significant shift for Tether as it looks to establish a new foothold in the crypto landscape.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/tether-to-become-a-bitcoin-miner-with-a-500m-investment-in-2024-tbt70588.html">https://thebittimes.com/tether-to-become-a-bitcoin-miner-with-a-500m-investment-in-2024-tbt70588.html</a></p>

Tether to become a Bitcoin miner with a $500m investment in 2024

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