Summary
- The Tether CEO claimed that Tether could become the world’s largest Bitcoin mining company by the end of this year.
- Tether holds 100,000 BTC and stated that participating in mining is necessary to help secure the network.
- Tether has reportedly invested over $2 billion in 15 mining sites since 2023.
Paolo Ardoino, the Chief Executive Officer (CEO) of Tether, the issuer of the dollar-based stablecoin Tether (USDT), claimed that Tether could become the world's largest Bitcoin (BTC) mining company by the end of this year.
On the 25th (local time), Paolo Ardoino, Tether CEO, stated on The Block podcast, "By the end of this year, Tether could be the world’s largest Bitcoin mining company." He added, "Directly buying Bitcoin can yield better returns," but also explained, "Since Tether holds 100,000 BTC, there is a need to participate in mining to help secure the network."
Meanwhile, since 2023, Tether has invested over $2 billion in 15 mining sites, including in Uruguay, Paraguay, and El Salvador.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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