Posted 11/17/2023, 5:30:30 PM
Tether Plans $500M Bitcoin Mining Investment, Aiming for Top 20 Mining Operator Status
- Tether plans to invest $500M in bitcoin mining in next 6 months, aiming for 1% share of network
- Investment is part of $610M credit facility issued to mining firm Northern Data
- Tether building mines in Uruguay, Paraguay, El Salvador, with 40-70MW capacity each
- Goal is for Tether's mining capacity to reach 120MW by end of 2023, 450MW by end of 2025
- With targeted 1% network share, Tether would be among world's top 20 mining operators