Tether, the firm behind the USDT stablecoin, is ramping up its efforts in the Bitcoin mining exchange.

In an interview with Bloomberg on Thursday, Tether CTO Paolo Ardoino mentioned the firm plans to invest $500 million in building its possess Bitcoin mining facilities and investing in completely different miners internationally.

Tether plans to assemble Bitcoin mining sites in Uruguay, Paraguay and El Salvador, based on its plans to develop its computing power to 1% of the Bitcoin mining community. These facilities would own a capability between 40 and 70 megawatts.

“Mining for us is one thing that we have to learn and develop over time. We are no longer in a flee to turn out to be the final note miner in the sector,” mentioned Ardoino, who will say his goal as CEO of Tether in December.

In a submit on X, he notorious that the firm changed into once shut to including “one other extremely extremely efficient fragment of the puzzle” to the Tether ecosystem.

Earlier this 365 days, the firm also declared it could perhaps perchance allocate as a lot as 15% of its profits to increasing its stash of Bitcoin, which it plans to preserve in a self-custodial wallet. Tether also reported a Q1 earn revenue of $1.Forty eight billion this 365 days, with Bitcoin making up 2% of its existing reserves.

Tether collected retains its home because the issuer of the final note stablecoin in digital asset markets, with USDT boasting a market capitalization of $87.5 billion.