Tether is Investing in Mining Infrastructure in Latin America

Reading Time: < 1 minute

During an interview with Bloomberg, Tether’s CEO Paolo Ardoino has discussed the company’s plans to invest in mining projects in Latin America.

Tether has previously announced their plans to establish a Bitcoin mining enterprise in Uruguay in partnership with a local mining company, utilizing renewable sources of energy.

Recently, Ardoino has also announced that Tether will be investing in mining projects in El Salvador and Paraguay.

The company aims to become one of the largest Bitcoin miners, potentially reaching a hash rate of 1%. Each mining facility is expected to have a capacity of 70 MW, with plans to increase to a total capacity of 450 MW by 2025.

However, Ardoino emphasized that Tether is not in a rush to become the world’s largest miner and is still learning about the process.