Stable coin company Tether is preparing for a major expansion into bitcoin mining with plans to invest around $500 million over the next six months. In an interview with Bloomberg, Paolo Ardoyno, Tether’s presumed CEO, outlined the company’s intentions to build mining complexes and invest in other miners. The focus of this expansion will be on establishing mining sites in Uruguay, Paraguay and El Salvador to increase Tether’s computing power to 1 per cent of the entire BTC mining network. The new sites will have a capacity of between 40 and 70 megawatts.

This investment in mining is part of Tether’s recent $610 million debt financing from German mining company Northern Data Group. Tether has been aggressively ramping up its borrowings throughout the year, and previously made a strategic investment in Northern Data Group to support artificial intelligence-related initiatives.

Ardoyno outlined Tether’s mining goals, with plans to reach 120 megawatts of direct mining by the end of this year and an impressive 450 megawatts by the end of 2025. The company is also considering a 300-megawatt facility and plans to house its mining infrastructure in containers that can be moved depending on fluctuations in electricity prices. Ardoino emphasised that Tether’s approach to mining is gradual, stating, “We are in no hurry to become the largest miner in the world.”

Paolo Ardoino will take over as CEO of Tether in December, retaining his position as CTO of parent company Bitfinex, which was announced in October.