Tether is emerging as a powerful entity in the Bitcoin mining sector, making substantial investments in key ventures. The stablecoin giant recently committed $100 million to Bitdeer, a company operated by a Bitmain co-founder, and has positioned itself as a primary investor in Blockstream, a leading player in Bitcoin development. Blockstream, partially backed by Tether, operates a mining division and a dedicated purchasing section for securing Bitmain mining rigs. Bitfinex, Tether's associated exchange, facilitates trading for the Blockstream Mining Note. Tether's support extends to various projects, including endorsing the Salvadoran bitcoin mine Volcano Energy, a Bitcoin mine in Uruguay, and Swan Mining, which has attracted investments exceeding $330 million from Tether and other entities. The stablecoin behemoth has also acquired equity in German bitcoin miner Northern Data AG and has established a significant debt facility. Tether also endorses Bitcoin miner ZettaHash and operates Luganodes, a mining-like setup focused on the Tron blockchain. In a mere six months, Tether has channeled $500 million into Bitcoin mining activities, indicating a potential shift towards industry dominance. However, the scalability of Bitcoin mining operations poses limitations, with total annual revenue hovering around $16 billion and market capitalization relatively modest. Tether boasts significant profitability, reporting a Q1 2024 profit of $4.5 billion, surpassing Fannie Mae's net income. Despite its financial success, interpreting Tether's financial reports is more of an art than a science due to the absence of audited financials and the use of non-standard financial terms. Tether's primary revenue stream comes from interest on reserves backing stablecoins, with all interest proceeds handled as corporate profit. With substantial interest-bearing assets and no interest distribution to token holders, Tether has the resources to continue expanding its presence in the Bitcoin mining sector.