.
According to Tether CTO Paolo Ardoino, some of that money will be allocated to Northern Data Group as part of a $610 million credit facility. The rest of the funds will be used to build their own mining farms in various countries.
Ardoino said that Tether is already building mining farms in Uruguay, Paraguay and El Salvador. The sites will have a capacity of 40 to 70 MW, and the company’s total equipment capacity will reach 120 MW by the end of the year. This will allow Tether to take up about 1% of the total hashrate of the Bitcoin network. In comparison, Marathon Digital, the largest mining company, has a share of about 4%. Tether plans to increase its mining operations in the future and reach 450 MW of device capacity by the end of 2025.
“Mining is a fairly new area for us, so we need to learn and grow