{"id":417625,"date":"2024-05-08T12:50:26","date_gmt":"2024-05-08T11:50:26","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=417625"},"modified":"2024-05-08T12:12:22","modified_gmt":"2024-05-08T11:12:22","slug":"tether-partners-with-swan-to-expand-bitcoin-mining-operations","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/tether-partners-with-swan-to-expand-bitcoin-mining-operations\/","title":{"rendered":"Tether partners with Swan to expand Bitcoin mining operations"},"content":{"rendered":"<p>Stablecoin issuer <a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">Tether<\/a> has expanded its mining endeavors by <span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">collaborating with <a href=\"https:\/\/cryptoslate.com\/companies\/swan-bitcoin\/\">Swan's<\/a> Managed <\/span><span class=\"r-18u37iz\">Bitcoin<\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\"> Mining service.<\/span><\/p>\n<p>According to the press statement, the firm has dedicated an undisclosed amount of substantial capital to establish its <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> mining operations through Swan.<\/p>\n<p>Swan's Managed Bitcoin Mining allows institutional investors to commit a minimum of $100 million to the Bitcoin mining ecosystem. Through the service, the firm plans to offer bespoke mining operations tailored to the specific needs of its clients.<\/p>\n<p>Since August 2023, Swan Mining has spent over $330 million to increase its mining capacity to 7.5 EH. However, plans are to increase the capacity to 19.5 EH this year and about 100 EH by 2026.<\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/people\/paolo-ardoino\/\">Paolo Ardoino<\/a>, the CEO of Tether, <a href=\"https:\/\/twitter.com\/Swan\/status\/1787951439576232315?t=MmW1-RZXlMP3NqVqohCqXA&s=19\">said<\/a>:<\/p>\n<blockquote><p>&#8220;The collaboration with Swan in the mining sector has exceeded our expectations. Swan's team has demonstrated an unwavering commitment to transparency and operational excellence, achieving rapid deployment of hashrate.&#8221;<\/p><\/blockquote>\n<p>Tether is the largest stablecoin issuer and revealed plans to <a href=\"https:\/\/cryptoslate.com\/tether-plans-500m-investment-into-bitcoin-mining-operations\/\">invest approximately $500 million<\/a> in mining. The company is the <a href=\"https:\/\/cryptoslate.com\/tether-becomes-seventh-largest-bitcoin-holder-with-recent-618-million-purchase\/\">seventh-largest BTC holder<\/a> globally, with approximately 75,354 BTC, valued at $5.23 billion.<\/p>\n<h2 class=\"s3\">Mining revenue dips<\/h2>\n<p>Tether's foray into mining comes during a notable decline in daily revenue for BTC miners post-halving. Glassnode <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&c=native&category=Miners&m=mining.RevenueSum&s=1576678245&u=1715040000&zoom=\">data<\/a> showed a stark drop in total revenue from block rewards and transaction fees, hitting a low of 417 BTC as of May 7.<\/p>\n<figure id=\"attachment_417668\" aria-describedby=\"caption-attachment-417668\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-417668\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners.png\" alt=\"Bitcoin miner revenue\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-417668\" class=\"wp-caption-text\">Bitcoin Miner Revenue. (Source: Glassnode)<\/figcaption><\/figure>\n<p>This downturn contrasts sharply with the <a href=\"https:\/\/cryptoslate.com\/bitcoin-halving-spiked-transaction-fees-to-75-percent-of-miner-revenue\/\">initial excitement<\/a> surrounding the halving and the emergence of innovative protocols like Ordinal Inscriptions and <a href=\"https:\/\/cryptoslate.com\/bitcoin-runes-made-up-57-percent-of-transactions-on-halving-day\/\">Runes<\/a>. These protocols have garnered increased attention, stirred interest in the blockchain landscape, and contributed to miners' earnings.<\/p>\n<p>Ki Young Ju, the CEO of <a href=\"https:\/\/cryptoslate.com\/companies\/cryptoquant\/\">CryptoQuant<\/a>, highlighted the transformative impact of these applications on miners' income streams. He said:<\/p>\n<blockquote><p>&#8220;Building apps on Bitcoin has significantly changed miners' income streams. Transaction fees now account for over 7% of their total revenue, up from 1% two years ago. This trend has persisted for the last four weeks and could potentially strengthen the network's fundamentals.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Stablecoin issuer Tether has expanded its mining endeavors by collaborating with Swan&#8217;s Managed Bitcoin Mining service. According to the press statement, the firm has dedicated an undisclosed amount of substantial capital to establish its Bitcoin mining operations through Swan. Swan&#8217;s Managed Bitcoin Mining allows institutional investors to commit a minimum of $100 million to the [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":417648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2376,32631],"tags":[76841,78295,79492,76896,79494,72860],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tether partners with Swan to expand Bitcoin mining operations<\/title>\n<meta name=\"description\" content=\"Tether boosts Bitcoin mining investments through Swan partnership, aiming to heavily increase capacity amidst fluctuating miner revenues.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/tether-partners-with-swan-to-expand-bitcoin-mining-operations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether partners with Swan to expand Bitcoin mining operations\" \/>\n<meta property=\"og:description\" content=\"Tether boosts Bitcoin mining investments through Swan partnership, aiming to heavily increase capacity amidst fluctuating miner revenues.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/tether-partners-with-swan-to-expand-bitcoin-mining-operations\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-08T11:50:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-08T11:12:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/05\/tether-bitcoin-mining.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/tether-partners-with-swan-to-expand-bitcoin-mining-operations\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/tether-partners-with-swan-to-expand-bitcoin-mining-operations\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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