As Bitcoin Mining Companies Slump, Tether Loads Up on Bitdeer
Bitcoin miners face challenges as cryptocurrency prices stagnate and investors sell off equities. Tether invested approximately $32 million in Bitdeer, a major player in the mining sector, during a stock price decline. Tether increased its stake in Bitdeer to 21% and plans to support Bitcoin mining pool Ocean by providing hash rate for block mining. Bitdeer’s stock is down nearly 67% year-to-date, reflecting broader industry struggles as Bitcoin's value fluctuates around $85,000, significantly below its January peak of nearly $109,000. Major miners like MARA Holdings and Riot Platforms have also seen substantial stock declines. Tether, the issuer of USDT, remains the largest stablecoin and has faced legal scrutiny regarding its backing claims but asserts transparency through attestations and audits.
