Tether plans to invest $500 million in bitcoin mining, and this new crypto project allows you to get BTC remotely

2주 ago 0 51

Tether has gained widespread popularity among crypto market participants due to the creation of the eponymous stablecoin (USDT). However, another event happened last week that got the community talking about it. Paolo Ardoyno, the future CEO of Tether, announced plans to expand and actively mine bitcoin. He mentioned that the company intends to spend about $500 million on necessary upgrades in the next six months.

What does Tether plan to do next?

According to Ardoyno, he is going to assume the position of CEO already this December and at the same time will retain his position as the CTO of Bitfinex. Paolo also said that all the allocated funds will first of all be used to buy the necessary powerful hardware, as well as for payments for miners.

In addition, the company intends to open branches for mining in Paraguay, Uruguay and El Salvador. In total, they will operate between 40-70 megawatts. In this way, Tether hopes to reach 1% of the global BTC hashrate.

However, this is far from the first major investment in the company’s history. In early 2023, Tether decided to use 15% of realized profits to buy bitcoins.

As of August 1, 2023, the company is estimated to have already purchased about 55,000 BTC. At the same time, in their report for the first quarter of this year, Tether representatives indicated that the company has a total of up to $1.5 billion in bitcoins available. In other words, the organization is going to continue issuing stablecoins, but will also focus on mining.

However, could this development have a direct impact on the USDT itself? Analysts find it difficult to answer this question, but report that this possibility should not be ruled out. Back in early November, Tether announced an agreement with German mining company Northern Data Group, under which it provided the latter with a loan of $610 million.

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Bitcoin Minetrix is a promising cryptoproject for mining via steaking

This platform is a great opportunity for users who wish to mine bitcoin but are unable to afford the purchase of suitable hardware or its maintenance. With Bitcoin Minetrix, investors will have access to cloud servers for mining and thus can increase their income. At the presale, the BTCMTX token can be bought for $0.0119. At the same time, the amount of investment in the project currently exceeds $4.4 million.

BTCMTX is a new profitable cryptocurrency, which gives the opportunity to earn in two ways. The first is to increase passive income through staking. To use it, it is enough to buy coins on the presale and put them in storage. For this, users will receive cryptocurrency rewards.

The second method allows you to start earning bitcoins without investing large sums in special equipment. To use all the functions of cloud mining, you need to buy BTCMTX on the presale, put them in the staking, and later exchange them for ERC-20 tokens or so-called “credits”. Subsequently, thanks to them it will be possible to buy hashrate and increase the power and efficiency of BTC mining.

The Bitcoin Minetrix dashboard is another feature of the platform and its fundamental part. With the tools presented in it, users will be able to manage their assets: specify the period of being in staking, exchange them for credits and buy hash power.

At the moment, the BTCMTX token is available to investors for $0.0119, but one should keep in mind that the asset will rise to $0.0148 by the final presale. Features:

Reduced risk of fraud due to complete decentralization of the platform.
More affordable way to remotely mine BTC.
Working with advanced hardware without additional costs.

Conclusion

Ardoyno recognizes that the company still has a lot to learn in order to effectively mine bitcoin. Moreover, he realizes that it will be a long time before Tether can emerge as a leader in this field. However, this will not stop it from learning and developing at its own pace.

Although, Jaran Mellerud, CEO of MinerMetrics, has a different opinion. The expert believes that reaching 1% of global computing power will allow Tether to enter the top 20 largest mining companies.

The expert also noted that the company itself is an integral part of the cryptocurrency system thanks to its stablecoin. USDT is one of the largest tokens in the world in terms of market capitalization. The CEO of MinerMetricx believes that based on this success, Tether’s share of the mining industry could easily cross the 1% mark.

However, ordinary investors do not have to invest in expensive equipment and various branches. They can take advantage of cloud mining services by buying BTCMTX tokens in the presale.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.