All Articles
Crypto

Tether Wants To Take Over Bitcoin Mining

November 19, 2023
x min read

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:

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

Discover the world's most disruptive early stage companies with 25,000+ investors.

The markets and trends that matter, made simple.

Join top talent at the world's most respected institutions, companies, and venture capital funds.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.