Tether, the company behind the largest stablecoin USDT, has made a new investment in the mining industry. The US-based Bitcoin service provider, Swan, recently made an agreement with Tether, and now Tether is partnering with Bitdeer to expand its mining operations.
Tether’s Expansion in the Mining Industry
The investment in Bitdeer could reach up to $100 million, with an additional $50 million investment option available. USDT has committed to purchasing 18,587,000 A-class standard shares in Bitdeer, with the option to purchase more shares for $10 each. This means that the initial $100 million investment could potentially increase to $150 million.
Bitdeer Rapid Growth in the Bitcoin Mining Industry
USDT CEO, Paolo Ardoino, spoke about Bitdeer’s unexpected rise in the Bitcoin mining industry. He also expressed excitement about the company’s long-term goals and its global team.
The investment and asset management firm, Cantor Fitzgerald, will manage the investment. Bitdeer was founded by Jihan Wu, one of the co-founders of Bitmain who left the company after major disputes.
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Bitdeer’s Mining Operations in Norway, the US, and Bhutan
Bitdeer has large mining facilities in Norway, the US, and Bhutan. In Bhutan, the company is partnering with the government to mine using hydroelectric power plants.
Tether’s Commitment to the Cryptocurrency Market
USDT recent investment in Bitdeer is a testament to the company’s commitment to the cryptocurrency market. As the popularity of cryptocurrencies continues to rise, the demand for mining services is also increasing. By partnering with Bitdeer, Tether is positioning itself as a major player in the mining industry.