The leading cryptocurrency Bitcoin (BTC) is on the rise again with FED Chairman Jerome Powell's interest rate cut statements and news of a ceasefire between Iran and Israel.
At this point, while the BTC price rose above $ 108,000, bold statements came from Tether CEO Paolo Ardoino.
According to The Block, Tether CEO claimed that the company could become the largest BTC mining company by the end of the year.
Tether CEO recently said on the Big Brain podcast that Tether holds more than 100,000 BTC in total, and that the company’s Bitcoin mining operations play an important role in securing investments.
Stating that they made approximately $13 billion in profit from mining in 2024 with their team of less than 200 people, the famous CEO stated that mining is important to secure Bitcoin investments rather than for profit purposes.
Ardoino underlined that mining is necessary for Tether's BTC reserves, noting that Tether's Bitcoin mining operations are strategically important in securing the $10 billion Bitcoin investment.
“I think if you have $1 million and you have to decide whether to invest it in Bitcoin mining or buying Bitcoin outright, it’s clear that you’re always going to make more money buying Bitcoin outright.
But in our case, given our exposure to Bitcoin, it's important to be part of the security of the network. Realistically, by the end of this year, Tether will be the largest bitcoin miner in the market.”
Tether, which has also made great strides in Bitcoin mining, has invested more than $2 billion in energy production and mining infrastructure at 15 sites in Uruguay, Paraguay, and El Salvador since 2023.
*This is not investment advice.
