Key Takeaways
- Tether partners with Swan to increase Bitcoin mining capacity.
- Swan aims to expand mining capacity to 100 EH by 2026.
- Bitcoin mining revenue has dropped significantly post-halving.
Tether has expanded its Bitcoin mining efforts by partnering with Swan’s Managed Bitcoin Mining service.
This collaboration aims to boost Tether’s mining operations, with Swan providing institutional investors opportunities to invest at least $100 million in tailored mining solutions.
Mining capacity and revenue growth
Swan Mining has already invested over $330 million to reach a mining capacity of 7.5 EH, with plans to increase to 19.5 EH this year and 100 EH by 2026.
Paolo Ardoino, Tether’s CEO, praised Swan’s commitment, stating:
Swan’s team has demonstrated an unwavering commitment to transparency and operational excellence.
Decline in mining revenue
Despite Tether’s expansion, Bitcoin miners are currently experiencing a decline in daily revenue due to decreased block rewards and transaction fees post-halving.
Data from Glassnode showed a revenue drop to 417 BTC as of May 7, significantly impacting miners’ earnings.
