The issuer of the best stablecoins in terms of trade volume and market value is Tether Holdings Limited. The organization is slated to become an important player in the whole mining industry, as recently revealed by Paolo Ardoino, the company’s CEO.
On Thursday, the CEO announced that the intention of the company is to channel approximately 500 million dollars into its whole mining business over a period of six months.
Tether’s Mining Ambition: A $500 Million Venture into Crypto’s Core
Under Paolo Ardoino’s strategic guidance, Tether is all ready to boost its mining endeavors. The organization is actually earmarking close to about ½ a billion dollars to enhance its different mining facilities as well as obtaining stakes in multiple enterprises.
During an interview with Bloomberg on Thursday, Ardoino spoke about these insights in detail.
Tether is currently at the helm of the biggest stablecoin, and that too by market worth. Currently, it manages the 3rd most significant crypto in terms of market cap. Only this year, the firm began expanding towards the mining industry. In the month of May 2023, the organization made a very strategic move into the world of “sustainable bitcoin mining operations in Uruguay.”
In the month of June, Tether was able to unveil its investment in Volcano Energy, a Bitcoin mining venture based in Salvador. Once September began coming to a close, the stablecoin’s issuer further diversified its entire portfolio by simply obtaining a share worth 20% in Northern Data as well as acquiring AI-oriented GPUs based in NVIDIA.
Ardoino spoke to Emily Nicolle and David Pan from Bloomberg about his deep dedication to mining. He 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.”
Ardoino further elaborated on how three facilities operate, with each facility talking about a particular capacity ranging from forty to seventy MW (megawatts). Now, these installations are located in Uruguay, Paraguay, and El Salvador. Additionally, Ardoino also talked about Tether’s focus on escalating its whole capacity to around 120 MW by the time 2023 ends!
Ardoino expressed Tether’s ambition to escalate its total capacity to 120 MW by year’s end.