Dispatches from the Paris Blockchain Week
- The stablecoin company has jumped into Bitcoin mining by installing plants in Latin America.
- Ardoino said to DL News that he would first focus on the construction of renewable energy stations.
- Tether takes advantage of the concentration in the US.
Tether’s CEO Paolo Ardoino announced that the $500 million investment in this sector by the stablecoin issuing company was nearly completed.
Talking with DL News Ardoino, on the fringes of the Paris Blockchain Week said that the capital investment had financed the construction of mining and energy facilities in Uruguay, Paraguay and El Salvador.
He said that “in El Salvador there is an initial phase.” We are focusing first on the construction of renewable energy stations. Start with solar and wind and move on to geothermal.
Volcano energy
Tether will be available in June 2023. You can also read about the importance of this in our article It was involved in an $1 billion project in El Salvador, to harness the geothermal power of that country.
The “Volcano Energy” will power a 241 megawatt energy plant, and in turn help Bitcoin mining machines.
Tether is the company that manages USDT, the largest crypto-currency pegged to US dollars. USDT, the third largest cryptocurrency behind Bitcoin and Ether with more than $107 Billion in coins issued.
First, Tether Last November, its intentions to enter into the mining industry, which is a completely different niche than stablecoins.
What is the reason behind this move to mining? Decentralisation, says Ardoino.
He said that “Bitcoin Mining was First Centralised in China, and Now it is centralised in US.” DL News. “We shouldn’t let one geopolitical region be as important as the US.”
China’s cheap energy and vast amount of computer power is what drives the Bitcoin network.
Beijiing Ban The activity for 2021 has sparked an Exodus from the US. The local governments of Kentucky and Texas offered mining companies lucrative energy and tax deals, as well as generous rebates on taxes.
It’s bad for Bitcoin. Ardoino said that we need to diversify. Bitfinex Before taking on the same position at Tether, in December 2017,
The He Was The following are the names of those who have been appointed. Tether’s CEO will be October.
The horizon is halving
Two weeks prior to Bitcoin’s next halves, the $500 million mining investment comes in.
The reward that miners receive every 10 minutes to maintain the blockchain has been cut in half for the past four years. It will now be 3.125 Bitcoin.
Most miners are experiencing a difficult time, as their revenue is cut in half, while their operating costs stay the same.
Major companies such as Marathon Digital are signaling their desire to buy distressed assets.
Bitcoin’s price has risen by more than 600% since the 2020 halving. In the six months following the 2020 halving, the cryptocurrency increased by more than 600%.
Liam Kelly, DL News Berlin correspondent. Contact him at liam@dlnews.com.