Tether, the stablecoin firm, is planning a significant expansion into Bitcoin mining under the leadership of its new CEO, Paolo Ardoino. The company aims to reach 1% of BTC mining computing power and may spend around $500 million in the next six months on constructing mining facilities and investing in other miners. Tether plans to build mining facilities in Uruguay, Paraguay, and El Salvador, with a capacity of 40 to 70 megawatts. The mining investment includes part of the $610 million debt financing facility extended to German miner Northern Data Group. Tether expects to increase its direct mining operations to 120 MW by the end of the year and up to 450 MW by the end of 2025. Ardoino emphasized that Tether is not in a rush to become the biggest miner in the world and sees mining as a learning and growth process.
