Sirwin
Sirwin
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Tether Will Mine Bitcoin?

By KMatt | Blogging Crypto | 19 Nov 2023


According to rumors reported by Bloomberg, the issuer of the USDT stablecoin, Tether is planning a $500 million investment in Bitcoin mining.

This is thanks to the recent liquidity surplus of 3.2 billion dollars relating to the third quarter and which therefore allows it to invest strategically (such as the recent investment of approximately 420 million dollars in the Invidia GPU.

The funds should be distributed in the coming months and would be needed precisely to free ourselves from the strong dependence on the USDT market, creating new opportunities.

The rumors have created two factions with different thoughts and reactions. On the one hand, it is seen as a sign of Tether's growing confidence in Bitcoin. On the other hand, there is concern that the entry of such a large player into the mining sector could lead to a greater concentration of power, in a historical period where the management of mining is increasingly centralized.

Finally, what we currently know is that Tether could join a group of large companies that are already investing in Bitcoin mining including Bitmain and Marathon Digital Holdings, estimating a distribution of funds in approximately six months, so the investment is still in the initial stages.

For better or worse, as for the future of Bitcoin, it is obviously a positive sign in the long term. Furthermore, Tether would have stated that it will use renewable energy to power its mining activities in the geographical areas of South America (not yet specified precisely where, although it seems plausible that we are talking about El Salvador).

 

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KMatt
KMatt

Welcome to my blog <3 I love playing videogames, interested in crypto, support #lgbtqi+ and human rights


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