Tether’s Multimillion-Dollar Foray into AI and Mining
Tether Group has invested $420 million in computer chips. Specifically, they acquired 10,000 H100 GPUs from Nvidia, a popular choice in the artificial intelligence sector. This deal also includes a 20% ownership stake in Northern Data, a German-listed bitcoin mining company.
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Northern Data intends to lease these chips to AI startups, following the footsteps of bitcoin miners exploring new revenue streams in the AI industry.
Companies like Coreweave, Hive, Crusoe, and Hut 8 have already ventured into renting out their GPUs to tech startups.
According to Northern Data CEO Aroosh Thillainathan, the company couldn’t secure these chips directly from Nvidia due to their rapidly depleting availability.
Consequently, Tether took the initiative to acquire the required chips themselves.
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