{"id":84826,"date":"2023-09-21T13:50:04","date_gmt":"2023-09-21T10:50:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84826"},"modified":"2025-09-12T19:42:54","modified_gmt":"2025-09-12T16:42:54","slug":"tether-bets-420m-on-nvidia-gpus","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tether-bets-420m-on-nvidia-gpus\/","title":{"rendered":"Tether bets $420m on Nvidia GPUs"},"content":{"rendered":"

The issuer USDT, Tether Limited, spent $420m on acquiring 10,000 Nvidia H100 chips. The GPUs will be the payment for 20% stake in the mining company Northern Data, which will lease them to AI startups, according to Forbes<\/a>.<\/p>\n

Tether will become a shareholder through the Ireland-registered firm Damoon. Northern Trust will own 70% of it, with an option to buy the remaining 30%. Financial terms were not disclosed.<\/p>\n

Aru\u0161 Tillainatan, the CEO of Northern Data, explained that Tether had the money and managed to snap up the chips.<\/p>\n

Forbes noted that the mining company had previously resorted to schemes for purchasing equipment<\/a> through offshore structures, and the regulator had questions<\/a> about the quality of its financial reporting.<\/p>\n

The publication noted that the $40,000 chip had sparked a pitched industry battle amid the AI hype.<\/p>\n

Northern Data has followed in the footsteps of companies such as Coreweave, Hive, Crusoe and Hut 8, which after the transition of Ethereum to Proof-of-Stake<\/a> redirected hardware from mining the second-largest cryptocurrency by market capitalization into a new direction.<\/p>\n

\n

\u201cA number of new specialized cloud-service providers have emerged,\u201d<\/em> \u2014said<\/a> Nvidia CEO Jensen Huang.<\/p>\n<\/blockquote>\n

As a result of the deal with Tether, Northern Data will receive ~2% of the expected H100 supply volume this year, making it the largest operator in Europe after Amazon, Microsoft and Oracle.<\/p>\n

The 10,000 chips will surpass Saudi Arabia\u2019s purchases (3,000 chips) and the United Kingdom\u2019s (for these purposes \u00a3100m<\/a>).<\/p>\n

Earlier, Tether reported net income of $850m<\/a> in the second quarter. According to the document, 85% of USDT collateral consists of cash and cash equivalents.<\/p>\n

Earlier in May, CTO Paolo Ardoino said that high profitability<\/a> of the issuer allows considering new lines of business<\/a>.<\/p>\n

Subsequently, it emerged that Tether invested $1bn<\/a> in a Bitcoin mining project in El Salvador.<\/p>\n","protected":false},"excerpt":{"rendered":"

The USDT issuer, Tether Limited, spent $420m on acquiring 10,000 Nvidia H100 chips. The GPUs will be the payment for 20% stake in the mining company Northern Data.<\/p>\n","protected":false},"author":1,"featured_media":84827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[438,83,1137,1294,1245],"class_list":["post-84826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-artificial-intelligence","tag-business","tag-cryptocurrency-mining","tag-nvidia","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=84826"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84826\/revisions"}],"predecessor-version":[{"id":84828,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84826\/revisions\/84828"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/84827"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=84826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=84826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=84826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}