Tether CTO Unwilling to Reveal Location of Bitcoin Mining Sites

August 27, 2023

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Paolo Ardoino, the Chief Technology Officer (CTO) of Bitfinex and Tether has answered online reports regarding pictures of enormous industrial set up, which led him to dismiss concerns about the location of the Tether Bitcoin mining operation.

Tether has Bitcoin Mining Sites in South America

Although the Tether CTO made reference to the location being someplace in South America in response to multiple individuals who requested about the location, he plainly denied that he would not reveal it because of security concerns.

Ardoino Posted Image of Control Room

In an X post on August 26, Ardoino addressed all the curiosity generated by the picture posted on August 24. Many people were confused by the image, which showed a canister with a modified Tether Energy logo. He stated that the image is an office at a Tether Bitcoin mining facility that is presently being finished and would shortly start producing Bitcoin.

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Tether Mining Site to Start Operating in Coming Weeks

He said: “Where? In LATAM. We tend to not share exact locations to avoid personnel harassment, a valid concern given the amount of detractors obsessed with Tether.”

He added that the mining of Bitcoin will start in the coming weeks: “The site is progressing well, everyone in the team is super excited and working around the clock to start operations in the next few weeks.”

New Bitcoin Mining Software

TheCoinRise reported in the first week of August that Ardoino had announced that Tether was planning to release new Bitcoin (BTC) mining software that would help with better capacity management. Ardoino also discussed his involvement with Moria, a mining farm orchestration tool. He confirmed that Holepunch technology is used in the construction of the most recent innovations.

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Tether disclosed purchasing a total of 52,670 BTC in its Q1 2023 filings in an effort to overtake MicroStrategy, one of the well-known institutional buyers of Bitcoin. Clearly, the acquisition shows Tether’s optimism regarding the potential of Bitcoin in the future and strengthens its position as an institutional holder of the digital asset.