Tether Holdings Expands into Bitcoin Mining
If you’re following the world of cryptocurrency, you’ll be interested to know that Tether Holdings is making a bold move into Bitcoin mining. The company plans to invest around $500 million over the next six months to establish itself as a major player in the mining industry. This includes building new facilities and acquiring stakes in existing companies, with the goal of diversifying its revenue streams beyond managing USDT stablecoin.
Mining Operations in South America
As part of this expansion, Tether is setting up mining operations in Uruguay, Paraguay, and El Salvador, each with capacities ranging from 40 to 70 megawatts. The company aims to achieve 1% of the total computational power of the Bitcoin network, a significant goal in the competitive mining landscape.
By the end of 2023, Tether aims to reach a direct mining capacity of 120 megawatts, with plans to expand to 450 megawatts by the end of 2025. This represents a significant shift for Tether as it seeks to establish itself as a major player in the crypto industry.
Hot Take: Tether’s Bold Move into Bitcoin Mining
Tether’s foray into Bitcoin mining marks a significant shift for the company as it looks to diversify its revenue streams and establish itself as a major player in the crypto industry. With ambitious plans for expansion and investment, Tether is positioning itself for growth and success in the competitive world of cryptocurrency.
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