In the words of Paolo Ardoino, the CEO of Tether, “The collaboration with Swan in the mining sector has exceeded our expectations. We are thrilled about the future of this collaboration and the significant strides we are making together in advancing the mining industry.”
Stablecoin issuer Tether (USDT) has forged an alliance with fintech firm Swan to expand its presence in the Bitcoin (BTC) mining sector.
As per Swan’s X (formerly called Twitter) post, Tether has invested significant (undisclosed) capital in partnering with Swan to set up its Bitcoin mining operations. This move coincided with the decline in daily revenue for Bitcoin miners following the fourth halving event in April.
Swan's Managed Mining service will enable institutional investors to allocate $100M customized mining operations tailored to their needs. Since August 2023, Swan Mining has allocated more than $330M towards expanding its mining capacity to 7.5 EH. The company aims to achieve 19.5 EH by year-end and approximately 100 EH by 2026.
It is worth noting that Tether has actively invested in Bitcoin over the last couple of months. In May 2023, the issuer of USDT revealed its plans to spend a fraction of its realized profits to purchase Bitcoin. The same month, Tether announced that it will commence BTC mining operations in Uruguay.
