In a surprising move, Tether, a big player in the stablecoin world, is jumping into Bitcoin mining with a massive $500 million investment. Paolo Ardoino, Tether’s CEO, spills the details on their bold plan to build mining spots and grab a piece of mining companies. This big change marks a shift from their usual stablecoin game, aiming to control about 1% of Bitcoin‘s computing power.
The Plan: Uruguay, Paraguay, and El Salvador in Focus
Tether is setting up mining spots in Uruguay, Paraguay, and El Salvador. With plans to hit 120 megawatts by 2023 and a big 450 megawatts by 2025, they’re serious about this. Their mission? To shake up the Bitcoin mining scene and find new ways to make money beyond stablecoins.
Figuring Things Out: Tether Goes Slow, No Rush
CEO Ardoino wants everyone to know they’re not racing to be the top dog in mining. Taking it slow and learning as they go is the plan. With lots of money from managing the USDT stablecoin, Tether is cautiously trying out Bitcoin mining.
How to Buy Tether?
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What’s Next: Tether’s Crypto Makeover
Tether’s $500 million move could change how it fits into the crypto world. This unexpected jump into Bitcoin mining might stir things up, questioning how things usually work. What it means for the competitive side of Bitcoin mining is uncertain, but Tether’s adventurous move sets a new tone for mixing things up in the crypto space.
