Tether’s Bitcoin Mining Adventure: Is It Genius or Just Plain Crazy?

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Story Highlights

  • Tether is throwing more cash at Bitcoin mining firm Bitdeer. Because why not?
  • GENIUS Act for stablecoin regulation is making its way through the Senate. Spoiler: It’s not about brain surgery.
  • Tether might just get a shiny new toy from the GENIUS Act’s regulatory flexibility. Lucky them!

Tether has decided to up its game and invest in Bitcoin mining company Bitdeer (BTDR). According to a recent U.S. SEC filing—because who doesn’t love a good filing?—Tether and its merry band of subsidiaries now hold a whopping 31,891,689 Class A common shares in Bitdeer. That’s 21.4% of the company’s total stock. Talk about commitment! 💸

The ever-so-famous stablecoin USDT is Tether’s main squeeze. But wait, there’s more! Tether is branching out into Bitcoin mining, energy infrastructure, and even AI systems. Because, you know, why stick to one thing when you can juggle a million? 🎪

Bitdeer, founded by the legendary Jihan Wu, is all about that Bitcoin mining life. They’re focusing on vertical integration, which sounds fancy, to develop silicon chips and manage energy resources. They even showed off their SEALMINER A3 chip, boasting under 10 J/TH energy efficiency. Impressive, right? Or just a really good marketing ploy? 🤔

Tether May Gain Flexibility Under Proposed Stablecoin Law

The U.S. Senate Banking Committee has given a thumbs up to the GENIUS Act, which is set to become law on March 13th, 2025. This act is all about setting standards for stablecoin companies. But hold your horses! It still needs to charm the House of Representatives and the full Senate. Good luck with that! 🏛️

According to Alex Thorn, the research guru at Galaxy Digital, Tether could score some sweet benefits from the GENIUS Act. He claims it allows Tether to seek onshore registration, but they can still operate like a rogue pirate if they want. More options? Yes, please! 🏴‍☠️

Despite the market being a bit of a rollercoaster, Bitdeer is not sitting idle. Since January 2025, they’ve ramped up their Bitcoin investment by a staggering 75%, now holding 1,039 Bitcoins worth a cool $87 million. Cha-ching! 💰

Bitdeer is making strategic moves to shift its mining rigs towards self-production initiatives, which explains the Bitcoin bonanza. They even delayed consumer payments for SEALMINER A2 units when Bitcoin’s value took a nosedive. Talk about playing the market like a pro! With Tether’s growing investment and Bitdeer’s clever adjustments, these two are strutting their stuff in the wild world of cryptocurrency. 💃

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2025-03-18 21:03