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Why Bitfinex and Tether want to get into bitcoin mining

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Why Bitfinex and Tether want to get into bitcoin mining

by Yogita Khatri
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Quick Takes
  • Bitfinex and Tether have a new business plan: Bitcoin mining.
    The Block spoke with the sister companies’ CTO, Paolo
  • Ardoino, to learn how bitcoin mining fits into their existing businesses.
Last month, Bitfinex and Tether CTO Paolo Ardoino posted a curious tweet: the two sister companies, he said, “have been investing in bitcoin mining recently.”

He added that the goal was not to seek out the cheapest electricity — a fundamental aspect of many mining firms’ strategies — but rather to ensure that there is “enough geographical and political diversity” in Bitcoin mining.

Then, earlier this month, Tether hosted an event with Lugano, Switzerland, where Ardoino got more specific. He said that Tether wants to mine bitcoin in Lugano and that the company has invested in a little-known bitcoin mining hardware manufacturer called Enigma.

But how does bitcoin mining fit strategically with Tether and Bitfinex’s respective stablecoin and exchange businesses?

The Block sat down with Ardoino to learn more about the rationale behind the new business plan and how it fits into the bigger picture for Tether and Bitfinex.

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