The major cryptocurrency Bitcoin (BTC) is on the rise again, with news of Fed Chairman Jerome Powell’s interest rate cut statement and ceasefire between Iran and Israel.
At this point, the price of BTC has risen above $108,000, but the bold statement came from Tether CEO Paolo Ardoino.
According to Block, Tether CEO claimed that the company could become the biggest BTC mining company by the end of the year.
Tether recently said on the Big Brain podcast that Tether owns more than 100,000 BTC in total, and that its Bitcoin mining operations will play a key role in ensuring investments.
The well-known CEO said he made roughly $13 billion in profits from the 2024 mining industry with a team of less than 200 people in 2024, saying that mining is important to secure Bitcoin investments rather than for-profit purposes.
Ardoino emphasizes that Tether’s BTC reserve requires mining, and notes that Tether’s Bitcoin mining operations are strategically important in securing a $10 billion Bitcoin investment.
“If you have $1 million and need to decide whether to invest in Bitcoin mining or buy Bitcoin, it is clear that you will always make more money to buy Bitcoin entirely.
But in our case, given our exposure to Bitcoin, it’s important to be part of the security of our network. Realistically, by the end of this year, Tether will be the largest Bitcoin miner in the market. ”
Tether, which has also made significant advances 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.