Tether, issuer of the stablecoin USDT, intends to make a $500 million investment in Bitcoin mining.
As reported by Bloomberg, funds will be allocated over the next six months to set up mining companies and acquire shares in other companies.
The company's CEO Paolo Ardoino has said:
"We are committed to being part of the Bitcoin mining ecosystem. When it comes to the expansions, building new substations and new sites, we are taking them extremely seriously."
According to him, farms are already being set up in Uruguay, Paraguay and El Salvador. The power output of each of these ranges from 40 to 70 megawatts.
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The company reportedly aims to reach 1% of the global BTC network hashrate.
Ardoino has added the company intends to increase its own mining capacity before the end of the year to 120 megawatts by the end of 2023 and to 450 megawatts by the end of 2025.