Tether, the issuer of the world’s largest stablecoin USDT, has formed a new partnership with Swan to expand its crypto mining activities. Specifically, Tether has invested an undisclosed amount of money in Swan’s “Managed Bitcoin Mining” service.
Tether (USDT) collaborates with Swan to expand its crypto mining operations
The company behind the world’s largest stablecoin, Tether (USDT), has entered into a new crypto partnership with Swan, to invest a significant amount in the Managed Bitcoin Mining service.
At @Tether_to Power we’re proud of the collaboration with Swan Managed #Bitcoin Mining service.
Swan has a super efficient team, that managed a quick ramp-up in deployed hashrate paired with impressive reporting
https://t.co/p2tUL9upct
— Paolo Ardoino
(@paoloardoino) May 7, 2024
“At @Tether_to Power we are proud of our collaboration with Swan Managed #Bitcoin Mining service. Swan has a super efficient team, which has managed a rapid increase in distributed hashrate and impressive reporting.”
Basically, with this partnership, Tether aims to expand its Bitcoin mining activities, choosing Swan for its performance.
And indeed, it seems that since August 2023, Swan Mining has spent over 330 million dollars to increase its mining capacity to 7.5 EH. In anticipation, Swan would like to increase this capacity to 19.5 EH this year and to about 100 EH by 2026.
The new Swan Managed Bitcoin Mining service, just launched, allows institutional investors to commit a minimum of $100 million in the Bitcoin mining ecosystem. With this service, the company aims to offer customized mining operations tailored to the specific needs of its clients, such as Tether.
At the moment, the amount of capital that Tether has decided to invest in the service has not been disclosed.
Tether (USDT): the crypto company chooses Swan to expand its operations in Bitcoin mining
The new Swan service, Managed Mining Bitcoin, aims to be a new tailored approach for investors, including institutional ones.
In this regard, Cory Klippsten, CEO of Swan, stated the following:
“Large capital allocators do not necessarily want to pool their capital with existing mining operations, nor are they able or interested in acquiring all the skills, talents, experience, and time to learn how to start their own mining operation. This is where Swan Managed Mining comes in. We can take a large amount of capital and deploy it quickly and efficiently into an investor-owned mining operation that meets their specific strategic requirements.”
At the same time, Tether has already dedicated significant capital to establish a major presence in Bitcoin mining, largely through Swan.
This commitment from the crypto company behind the largest stablecoin USDT, aims to demonstrate the quality of execution and the financial attractiveness of Swan’s model for large capital allocators.
The latest news on crypto mining
Recently, it has been reported that crypto transaction fees have decreased after the halving event.
And indeed, in conjunction with the Bitcoin halving, transaction fees for cryptocurrencies had skyrocketed, reaching new all-time highs, much to the delight of mining operators.
Such rates have dropped significantly by 75% in less than nine days after the event.
At the same time, another news of these days involving the crypto mining sector, has revealed that Nvidia and other companies have experienced a boom in their stock prices.
The most representative stock of the American crypto mining industry is MARA of Marathon Holdings, which recorded a +18% daily increase, recovering from previous losses.
