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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. Tether to buy back some shares in German mining firm. 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. 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. But we are not in too much of a hurry to become the largest miner in the world,” said Tether’s CTO.
The company is also now looking at one location to host 300MW of equipment. In doing so, Tether places the devices in large containers so that the farm can be quickly moved to a new location if needed.
Earlier, it was reported that the capitalization of the USDT stablecoin increased by $4 billion in just one month.