Accéder au contenu principal

Tether to Pump $500 Million Into Bitcoin Mining as Part of Expansion Plans


Major stablecoin issuer Tether is looking to inject $500 million into bitcoin mining operations as part of the company’s plans to become one of the largest miners in the world.

With the firm currently building bitcoin mining facilities in South America and Central America, the USDT issuer also has ambitious plans to contribute one percent of the total computing power of the BTC network.

Tether’s Diversification Into Bitcoin Mining

Tether, which maintains market dominance in the stablecoin industry, is looking to make its mark in the bitcoin mining sector. The company recently reported a cash surplus of over $3 billion on its attestation report.

Speaking to Bloomberg in an interview, incoming Tether CEO Paolo Ardoino revealed that the firm will allocate $500 million to bitcoin mining activities over the next six months.

The fund will be channeled towards constructing Tether’s bitcoin mining facilities and investing in existing BTC mining businesses, which includes a $609 million debt financing facility recently given to European bitcoin miner Northern Data Group.

Tether’s foray into BTC mining signals the company’s attempt at diversification and could provide an alternative avenue for profit-making for the firm. The stablecoin issuer is behind the largest stablecoin, USDT, whose market cap increased by $22 billion over the past year and recorded a new peak of more than $87 billion in November 2023.

Eyeing One Percent Market Share

As part of its plans to become a major player in the bitcoin mining industry, Ardoino said Tether is looking to have one percent of total bitcoin mining computation power by establishing BTC mining facilities in Uruguay, Paraguay, and El Salvador, each having a capacity of 40-70 megawatts.

Bitcoin mining giant Marathon Digital, which recently opened a mining project in Paraguay powered by renewable hydro energy, contributes about four percent of the total computing power of the BTC mining network.

According to Ardoino,

“We are committed to being part of the Bitcoin mining ecosystem. When it comes to the expansions, building new substations and new sites, we are taking them extremely seriously.”

Furthermore, Tether is working towards increasing its direct mining operations by the end of the year to 120 megawatts, with the company hoping to attain 450 megawatts by the end of 2025. The stablecoin issuer is also considering a site with a 300-megawatt capacity.

Despite the firm’s seemingly ambitious efforts, Ardoino said that Tether is not in a hurry to be the world’s biggest miner, stating, “Mining for us is something that we have to learn and grow over time.”

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).


Source link

The post Tether to Pump $500 Million Into Bitcoin Mining as Part of Expansion Plans appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

13 Apps and Websites That Will Pay You To Watch Ads

Do you know you may get paid to look at advertisements? You possibly can, however b efore you get too excited, perceive that watching advertisements will not exchange your day job or purchase you a brand new automotive. They do, nonetheless, create nice alternatives to monetize your downtime.  How To Watch Adverts for Cash Should you personal a smartphone, there are a lot of methods to earn cash on this gig financial system. Watching advertisements is a wonderful method for 14 and 15-year-olds in search of work  to earn money. Earn cash by watching advertisements briefly bursts in your free time, like when your youngsters are napping or throughout a espresso break. You might also be capable to redeem factors without cost Amazon present playing cards or present playing cards from different retailers . Which brings us to the query, how precisely do you receives a commission to look at advertisements, and the way a lot cash are you able to anticipate to make? What websites do y...
Enregistrer un commentaire
Lire la suite

AI research highlights in finetuning ChatGPT-like LLMs

This article is a compilation of 23 AI research highlights, handpicked and summarized. A lot of exciting developments are currently happening in the fields of natural language processing and computer vision! In addition, if you are curious about last month’s highlights, you can find them here: AI Research Highlights In 3 Sentences Or Less (April-May 2023) Direct Preference Optimization: Your Language Model is Secretly a Reward Model ( https://ift.tt/fV1dLTZ , 29 May 2023) Direct Preference Optimization (DPO) is a new alternative to reinforcement learning with human feedback (RLHF) with Proximal Policy Optimization (PPO), which is used for instruction-finetuning models like ChatGPT. Here, the researchers show that the cross-entropy loss for fitting the reward model in RLHF can be used directly to finetune the LLM. According to their benchmarks, it’s more efficient to use DPO and often also preferred over RLHF/PPO in terms of response quality. LIMA: Less Is More for Alignme...
Enregistrer un commentaire
Lire la suite

MicroStrategy Spends Another $600M to Purchase Over 16,000 BTC

MicroStrategy, the NASDAQ-listed business intelligence software giant that made waves over three years ago with its pro-Bitcoin strategy, has gone on another buying spree. The firm’s former CEO and founder – Michael Saylor – outlined the latest BTC purchase, which was worth nearly $600 million. Saylor asserted that the company he founded over three decades ago had spent $593.3 million to buy 16,130 BTC more for an average price of $36,785 per Bitcoin. This has become MicroStrategy’s second BTC purchase for November. As reported before, the firm bought 155 BTC for $5.3 million at the start of the month. The latest acquisition puts the company’s total stash at 174,530 BTC. It spent just under $5.3 billion to purchase the amount. This means that MicroStrategy sits on a massive unrealized profit of over $1.2 billion, given BTC’s current price of $37,750. MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per #bitcoin . As of 11...
Enregistrer un commentaire
Lire la suite