Summary
- Tether plans to become the world’s largest Bitcoin miner by the end of 2024.
- CEO Paolo Ardoino says the goal isn’t profit, but network security.
- Tether holds over 100,000 BTC, worth more than $10 billion.
- The firm earned $13B in profit in 2024, rivaling legacy giants like Morgan Stanley.
- Over $500 million has been invested in mining across multiple countries.
- Tether is also expanding into AI, energy, telecom, and sports, including a major stake in Juventus FC.
- A new multichain, AI-compatible digital wallet is in the works.
Tether’s Unexpected Pivot to Bitcoin Mining
Tether, best known as the world’s largest stablecoin issuer, is now preparing to enter an entirely new arena—Bitcoin mining. According to CEO Paolo Ardoino, the company aims to become the largest Bitcoin miner by the end of 2024, not to generate profits, but to secure the Bitcoin network that backs a large portion of its reserves.
“Since we have been exposed to Bitcoin, we should be part of the security of the network. Realistically, by the end of the current year, Tether will emerge as the largest bitcoin miner in the market.”
— Paolo Ardoino, CEO of Tether
Why Bitcoin Mining? Not for Profit
Unlike typical investors, Tether views mining not as a way to profit but as a means to safeguard its $10B+ Bitcoin holdings. Ardoino has openly criticized mining promoters who oversell profitability, stating that direct Bitcoin purchases yield more ROI than mining setups.
However, for Tether, mining is strategic. It aligns with its long-term vision of supporting the Bitcoin network while ensuring its reserves remain secure.
Breaking Down the Investments
Tether’s profits—over $13 billion in 2024—have funded major diversification. Since late 2023, the firm has:
- Spent $500 million to kickstart its mining initiatives.
- Invested $2 million+ into energy projects worldwide.
- Explored renewable energy sources and funded mining sub-stations.
- Purchased equity stakes in mining infrastructure in multiple countries.
While the exact hashrate output remains undisclosed, the aggressive expansion signals Tether’s serious intentions to rival major mining firms.
Competing with Mining Giants
Tether will soon face tough competition from industry leaders such as:
- Marathon Digital Holdings
- CleanSpark
- Iris Energy
- Riot Platforms
- Core Scientific
The Bitcoin network currently runs at 810 EH/s, and to make a meaningful impact, Tether must quickly scale its mining capacity. With deep pockets and a focused strategy, this seems more plausible than ever.
Beyond Stablecoins: Tether’s Expansion into New Sectors
Tether’s transformation isn’t stopping at mining. It’s becoming a diversified digital infrastructure powerhouse:
- Working on an open-source, multichain crypto wallet that selects the cheapest network for transactions.
- Designing wallet technology for humans and AI-powered machines, targeting emerging markets.
- Becoming the second-largest shareholder of Juventus FC with a €128M investment.
- Seeking a board seat at Juventus, aiming to integrate blockchain and AI into sports business models.
From digital payments to energy infrastructure, Tether is evolving into a blockchain conglomerate.
Final Thoughts
Tether’s pivot to Bitcoin mining is not a side hustle—it’s a strategic transformation. In a world where crypto companies are often viewed through the lens of speculation, Tether is positioning itself as an institutional force, protecting its holdings and investing in the network that powers its assets.
As competition heats up in the mining world, one thing is clear: Tether is not just minting stablecoins anymore—it’s mining for long-term dominance.