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Tether Group denies stake size in Northern Data investment

tether-group-denies-stake-size-in-northern-data-investment
Edited by
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Tether Group denies stake size in Northern Data investment

The world’s largest stablecoin is reported to have spent $420 million on 10,000 H100 GPUS from the Bitcoin miner Northern Data, according to a report in Forbes.

However, a press release from Tether issued the next day stated this report had some inaccuracies in the stake size of the investment.

A collaboration that will leverage AI

According to Tether’s release, this collaboration with Northern Data Group, the Frankfurt-based company, will focus on initiatives around AI, peer-to-peer communications, and data storage solutions. However, Tether did not disclose any figures related to the collaboration.

In contrast, Forbes reported on Sept. 20 that Tether was taking on a 20% stake in the Bitcoin miner who plans to rent the $10,000 chips to AI startups. The CEO of Northern Data, Aroosh Thillainathan, shared that this could make the company the largest operator in Europe outside cloud computing giants including Amazon, Microsoft and Oracle.

If the Forbes report is accurate, it is worth noting that Tether’s investment would be more than some nations have invested, with the British government setting aside $140 million for GPUs and Saudi Arabia reportedly purchasing 3,000 of Nvidia’s H100.

Fresh ventures

The press release contained a comment from Tether Group’s Chief Technology Officer Paolo Ardoino that they are “excited about this investment into Northern Data Group as it represents a fresh venture into new technological frontiers.”

To date, Tether has shown no interest in slowing down its “branching into new ventures,” as just three days earlier, Ardoino shared that Moria, the company’s Bitcoin mining platform, had also launched its testing phase.

As part of this phase, an initial batch of containers and miners, including extended control over PDU management and miner interaction, were made available in what Ardoino defined as a pioneering step for the crypto sphere.