In the latest episode of The Block’s Big Brain podcast, Tether CEO Paolo Ardoino said the firm could become the largest bitcoin miner by the end of the year.
The stablecoin issuer, whose team of less than 200 generated a profit of approximately $13 billion in 2024, has invested substantial sums to aggressively diversify into several other sectors in recent years — including artificial intelligence, telecommunications, data centers, energy infrastructure, and bitcoin mining.
However, Tether’s bitcoin mining ambitions, according to Ardoino, are less about chasing commercial returns and more about strategic alignment with its core asset exposure. Having recently disclosed it holds over 100,000 BTC, Ardoino told The Block that the firm needs to be part of the “bitcoin mining security team” to help protect its more than $10 billion bitcoin investment.
“I think that is clear that if you have $1 million and you have to decide where to put it either in bitcoin mining or in buying bitcoin directly, you would always make more money buying bitcoin directly,” he said, adding not to always trust miners that promise to make investors more money. “But in our case, I think given the exposure that we have to bitcoin, it’s important to be part of the security of the network. Realistically, by the end of this year, Tether will become the biggest bitcoin miner out there.”
It’s a lofty goal, and Tether has not publicly disclosed its current bitcoin mining hashrate, making the claim difficult to assess. Still, since 2023, the firm has invested over $2 billion into energy production and mining infrastructure at 15 sites across Uruguay, Paraguay, and El Salvador. That includes new substations, renewable power buildouts, and minority stakes in established mining farms. The initial $500 million committed in late 2023 was the first tranche of a broader, multi-billion-dollar expansion strategy that remains underway, so it’s certainly putting its money where its mouth is.
Top bitcoin miners by hashrate currently include MARA at 57.3 EH/s, CleanSpark at 50 EH/s, IREN at 38.4 EH/s, Riot Platforms at 33.7 EH/s, and Core Scientific at 19.1 EH/s, according to their latest disclosures. Bitcoin’s total network hashrate is estimated at around 810 EH/s.
Bitcoin mining is also part of a larger vision Ardoino described as “stable energy” — one of four pillars Tether sees as essential for long-term societal resilience, alongside stable money, communication, and intelligence.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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