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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

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