Tether Gelontorkan Rp7.7 Trillion To Work On Bitcoin Mining Industry
JAKARTA - Tether, the publisher of USDT stablecoins, has ambitions to develop the Bitcoin mining industry. CTO Tether Paolo Ardoino said that Tether will disburse funds of around US$500 million or equivalent to Rp7.7 trillion over the next six months. These funds are intended to build and purchase Bitcoin mining facilities in a number of countries.
Tether hopes to be part of the Bitcoin mining ecosystem and increase revenue from these activities. For information, Tether is the company that issued USDT, a stablecoin supported by a reserve asset worth US$87 billion (Rp1,348 trillion).
These reserve assets consist of cash, bonds, and crypto. Tether made a big profit from the interest earned from the reserve assets, as well as from the purchase of Bitcoin directly. Tether has invested more than 800 million US dollars (IDR 12.4 trillion) this year in the crypto sector, including Bitcoin mining.
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Establish Bitcoin Mining Facility
Ardoino said that Tether is currently establishing Bitcoin mining facilities in Uruguay, Paraguay, and El Salvador. It doesn't stop there, Tether and plans to control shares of other mining companies. The goal is to control 1% of the total Bitcoin hashrate, which is the computing power needed to maintain network security.
Ardoino added that Tether is not in a hurry to become the largest miner in the world, but prioritizes quality and compliance. In addition, Tether also formed partnerships with several companies to launch environmentally friendly mining operations.
In El Salvador, Tether collaborates with a startup that utilizes geothermal energy from the volcano to mine Bitcoin. In Uruguay, Tether is working with companies that use solar power to mine Bitcoin.
Tether assesses Bitcoin mining investment is part of its commitment to becoming part of the Bitcoin ecosystem and supporting innovation in the field. The world's largest stablecoin issuer claims Bitcoin mining can provide a stable and sustainable source of income for the company.