The investment announced by Tether would be intended to strengthen the Bitcoin mining infrastructure.
Paolo Ardoino, CTO of Tether, the company behind the issuance of USDT, announced the company's plans to diversify its activities and further expand its business into Bitcoin mining.
Ardoino said in a interview recent in Bloomberg, which will invest $500 million in mining infrastructure to strengthen the blockchain and contribute 1% of the hash rate that the network currently operates. This will place the USDT company among the top 20 players in Bitcoin mining.
On the other hand, according to the plans shared by Ardoino, the resources, which will be invested in a period of 6 months, will finance the construction of new substations and sites for Bitcoin mining, Ardoino said. He also noted that a portion of the funds will be used to finance the acquisition of stakes in cryptocurrency companies existing.
With all of the above, Tether strengthens its commitment to contribute to the growth and strengthening of the Bitcoin network to become one of the main BTC miners in the world.
Tether expands into Bitcoin mining
Although Tether's core business is stablecoins, which are stable cryptocurrencies that emulate the value of a fiat currency like the dollar, the company is very interested in Bitcoin, currently the largest and most robust cryptocurrency and blockchain network in the world.
In September, Tether began the testing your platform Moria, focused on Bitcoin mining, and in mid-May reported on a reserve asset diversification strategy, in which Bitcoin is the protagonist.
Since then, the company has been investing 15% of their net profits in Bitcoin, accumulating a significant amount of this cryptocurrency to date.
According to the latest update to its reserves, published on September 30, Bitcoin makes up 1,92% of the company's USDT reserves, meaning Tether currently has over $1.660 billion invested in BTC.
Source: Tether
Tether also supports mining on the Bitcoin network through Volcano Energy, the company that is building a mega mining farm in El Salvador, powered by geothermal, solar and wind energy.
In fact, the company's plans to build new Bitcoin mining facilities are aimed at these regions, which are considered friendly to this activity.
Ardoino highlighted that the new mining facilities that Tether will build will be installed in countries such as El Salvador, Paraguay and Uruguay, although he did not reveal the exact location of his new crypto mining facilities.
Continue reading: Tether Holdings proposes activating real-time reserve reports for USDT
