Crypto News- In a move signaling its deepening involvement in the crypto mining arena, stablecoin giant Tether has joined forces with Swan’s Managed Bitcoin Mining service. The collaboration, as per the official announcement, sees Tether injecting a considerable but undisclosed sum into establishing Bitcoin mining operations facilitated by Swan.
Swan and Tether Join Hands: Combined Effort to Scale Bitcoin Mining Operations
Swan’s Managed Bitcoin Mining service caters to institutional investors looking to engage with the Bitcoin mining ecosystem, with a minimum commitment threshold set at $100 million. Leveraging this service, Tether aims to offer tailor-made mining solutions that align with the specific requirements of its clientele.
Swan Mining’s Meteoric Rise: From $330 Million Investment to 100 EH Vision
Swan Mining, since August 2023, has dedicated over $330 million to bolster its mining capabilities, ramping up to 7.5 EH. However, ambitious plans are underway to elevate this capacity to 19.5 EH by the end of this year, with a grand vision to reach 100 EH by 2026.
Ardoino Praises Swan: Tether CEO Applauds Partnership’s Operational Excellence
Paolo Ardoino, Tether’s CEO, expressed satisfaction with the partnership, noting Swan’s unwavering dedication to operational excellence and transparency. Ardoino lauded Swan’s swift deployment of hashrate, surpassing initial expectations.
Tether’s Bold Move: $500 Million Investment in Mining Ventures
Tether, known as the leading stablecoin issuer, disclosed plans to funnel around $500 million into mining endeavors. With approximately 75,354 BTC in its reserves, valued at $5.23 billion, Tether stands as the seventh-largest BTC holder globally.
Amid Tether’s mining venture, Bitcoin miners are grappling with declining daily revenues post-halving. Recent data from Glassnode highlights a significant dip in total revenue from block rewards and transaction fees, hitting a low of 417 BTC as of May 7. This downtrend contrasts sharply with the initial optimism surrounding the halving event and the rise of innovative protocols like Ordinal Inscriptions and Runes.
The Evolution of Mining Revenue: CryptoQuant CEO on Protocol Impact
Commenting on these developments, Ki Young Ju, CEO of CryptoQuant, emphasized the transformative impact of these protocols on miners’ income streams. He noted a substantial increase in transaction fee contributions to miners’ total revenue, climbing from 1% to over 7% in the last two years. Ju believes this trend, persisting for the past four weeks, could bolster the network’s fundamentals moving forward.
For the latest in crypto updates, keep tabs on Crypto Data Space.
%s Comment