Paolo Ardoino, CEO of Tether, has stated the stablecoin issuer aims to become the largest Bitcoin miner globally by the end of the current year. Tether, which reported approximately $13 billion in profit in 2024, has been diversifying its investments into sectors including artificial intelligence, telecommunications, data centers, energy infrastructure, and Bitcoin mining.
Ardoino indicated that Tether’s involvement in Bitcoin mining is primarily for strategic alignment and network security, rather than solely for commercial returns. Given Tether’s holdings of over 100,000 BTC, which exceeds $10 billion, he emphasized the importance of contributing to the security of the Bitcoin network.
Since 2023, Tether has invested over $2 billion into energy production and mining infrastructure across 15 sites in Uruguay, Paraguay, and El Salvador. These investments include new substations, renewable power development, and minority stakes in established mining operations. An initial $500 million was committed in late 2023 as part of a multi-billion-dollar expansion strategy.
Currently, leading Bitcoin miners by hashrate include MARA (57.3 EH/s), CleanSpark (50 EH/s), IREN (38.4 EH/s), Riot Platforms (33.7 EH/s), and Core Scientific (19.1 EH/s). The total Bitcoin network hashrate is estimated at approximately 810 EH/s.
Ardoino also outlined Bitcoin mining as part of a broader “stable energy” vision, which he described as one of four pillars essential for long-term societal resilience, alongside stable money, communication, and intelligence.
