Tether Plans to Invest $500 Million in Mining Facilities and Companies

According to Foresight News, Tether's incoming CEO Paolo Ardoino revealed in an interview that the company plans to invest around $500 million in building its own mining facilities and acquiring stakes in other companies over the next six months. This investment includes a part of the $610 million credit arrangement provided by Tether to the publicly listed Bitcoin mining company Northern Data AG this month, as Tether acquired shares in Northern Data AG in September. Ardoino also disclosed that Tether is constructing Bitcoin mines in Uruguay, Paraguay, and El Salvador, with capacities ranging from 40 to 70 megawatts each. The goal is to increase the total computing power share of the Bitcoin network to 1%, but he declined to specify a timeline for achieving this target. Tether expects its direct mining business's power generation to reach 120 megawatts by the end of 2023 and 450 megawatts by the end of 2025. The company has allocated approximately $150 million for mining opportunities directly involving Tether, some of which are still being deployed at new locations. Ardoino also stated that Tether is currently evaluating a potential site with a capacity of 300 megawatts, and due to the rise in Bitcoin prices, its mining business has already become profitable. The company is also building equipment inside large shipping containers, allowing them to quickly relocate to new locations if electricity becomes cheaper elsewhere.