CEO of Tether, Paolo Ardoino, has shared ambitious plans for the company to potentially become one of the leading Bitcoin miners by 2025. These comments were made during an interview on the Big Brain podcast.
Tether's Bitcoin Mining Plans
Paolo Ardoino highlighted that Tether, with significant holdings of 100,000 Bitcoin, may take a crucial position in the mining field. He remarked: ‘*But in our case, I think given our exposure to Bitcoin, it's important to be part of the network's security. Realistically, by the end of this year, Tether will become the biggest bitcoin miner out there.*’ Tether also plans to set aside $500 million for mining.
Current Bitcoin Network Status
At present, the Bitcoin network operates at a record hashrate, although this figure recently fell to a six-month low, which may ease competition for miners. The current network hashrate is around 700 EH/s, reducing network difficulty and making mining more accessible.
Tether's Future in Mining
Despite plans to expand its mining operations, Tether has not disclosed its hashrate figures. It is known that Tether is collaborating with Ocean Pool, which offers zero-fee access. Tether expects that their hashrate may increase in the future, which would also signal the success of their intentions to become a leading player in this area.
Tether is taking an active stance in the cryptocurrency market, aiming to secure one of the leading positions in Bitcoin mining. The company's investments and collaborations emphasize its strategic approach in this field.
