Creating a strong foothold in the stablecoin market, Tether USDT/USD is now looking to enter the Bitcoin mining space with a significant investment.
In the past year, Tether’s market cap has grown by 32.7%, reflecting its prominent presence in the cryptocurrency market.
What Happened: Tether’s incoming CEO Paolo Ardoino announced plans to spend almost $500 million over the upcoming six months to expand into the Bitcoin mining industry, Bloomberg reported. It plans to build mining facilities or acquire stakes in other companies.
Tether announced a $610 million credit facility to Bitcoin mining company, Northern Data AG in November after it had acquired shares in the firm in September.
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