Tether Aims to Be Top Bitcoin Miner by 2025
In The Block's Big Brain podcast, Tether CEO Paolo Ardoino expressed ambitions for Tether to become the leading Bitcoin miner by the end of 2025. Despite generating a significant profit of $13 billion in 2024, Tether has invested substantially to diversify across sectors like AI, telecommunications, and Bitcoin mining. Ardoino emphasized that their focus is more strategic than purely financial, aiming to protect Tether’s extensive Bitcoin holdings, which exceed 100,000 BTC. This strategic move involves joining the 'bitcoin mining security team' to ensure network security. Despite lacking public data on Tether's current mining capacity, the company has invested over $2 billion since 2023 in energy and mining infrastructure in Uruguay, Paraguay, and El Salvador. This investment includes building new energy facilities and securing stakes in existing mining operations. Bitcoin mining contributes to what Ardoino refers to as 'stable energy,' a crucial element alongside stable money, communication, and intelligence for societal resilience.
FAQ
❓ Why is Tether investing in Bitcoin mining?
Tether is investing in Bitcoin mining to strategically align with their Bitcoin holdings, enhancing network security.
❓ Where has Tether invested in mining infrastructure?
Tether has invested in mining infrastructure across Uruguay, Paraguay, and El Salvador.
❓ What are Tether's long-term goals in mining?
Tether aims to become the largest Bitcoin miner by 2025, ensuring the security and resilience of their investments.