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Stablecoin giant Tether has big plans to get into Bitcoin mining.
What’s happening:
- Tether has announced their plans to put $500M USD into expanding their Bitcoin mining operations
- Tether will allocate capital to some existing Bitcoin mining operations and also build out brand new facilities in Uruguay, Paraguay and El Salvador
Going deeper:
- German based Bitcoin miner Northern Data Group and Tether recently partnered together on one of the largest GPU purchases ever
By the numbers:
- The new facilities are expected to have capacity between 40 and 70 megawatts
- Tether’s aim is to become 1% of Bitcoin mining computing power globally
- Currently, Tether’s USDT reserves are valued at approximately $87B USD
The intrigue:
- Tether previously was a part of the $1B USD financing round to build the world’s largest Bitcoin mining operator in El Salvador which plans to use solar and wind as a power source
