Bitcoin Climbs as Tether CEO Makes Bold Mining Claims
Bitcoin’s price is moving up again, breaking past $68,000—though some reports had it briefly touching higher numbers before settling. The jump seems tied to two things: Jerome Powell hinting at possible rate cuts later this year, and the easing tensions between Iran and Israel. Markets don’t like uncertainty, and for now, at least, traders are breathing a little easier.
But the bigger story might be what’s happening behind the scenes in the mining world. Tether’s CEO, Paolo Ardoino, dropped some surprising comments recently, suggesting the company could dominate Bitcoin mining by the end of 2024. That’s a bold claim, especially coming from a firm better known for its stablecoin.
Tether’s Growing Bitcoin Bet
On a recent podcast, Ardoino revealed that Tether holds over 100,000 BTC—a staggering amount by any measure. What’s more interesting, though, is how the company views mining. According to him, it’s not just about profits. Sure, they’ve reportedly pulled in around $13 billion this year with a team of under 200 people, but Ardoino insists the real focus is security.
“If you’ve got a million dollars to spare, buying Bitcoin outright will probably make you more money than mining it,” he admitted. “But for us, with the size of our Bitcoin holdings, being part of the network’s security matters.” It’s a defensive play, in other words. With roughly $10 billion tied up in BTC, Tether has a vested interest in keeping the network strong.
The Push to Become the Top Miner
Tether’s mining operations aren’t small. Since 2023, they’ve poured more than $2 billion into energy and mining infrastructure across 15 sites in Uruguay, Paraguay, and El Salvador. That’s serious money, and it’s not just about running rigs—they’re building out entire energy grids to support the effort.
Ardoino didn’t mince words: “Realistically, by the end of this year, Tether will be the largest Bitcoin miner in the market.” If that happens, it’d be a major shift in an industry usually dominated by specialized firms.
Of course, none of this is investment advice. Bitcoin’s price swings are unpredictable, and mining is a high-stakes game. But Tether’s moves show how deeply some players are digging in—not just to profit from crypto, but to shape its future.
*This isn’t a recommendation to buy or sell anything. Just news.
