Tether, the issuer of the USDT stablecoin, is significantly increasing its stake in Bitcoin miner Bitdeer, investing an additional $32 million amid a downturn in the Bitcoin mining industry. The investment comes as many mining companies face financial struggles; a report from JP Morgan indicates that the top public Bitcoin miners experienced a 25% loss in market capitalization in March, collectively shedding about $6 billion. Bitdeer’s stock has fallen nearly 67% year-to-date due to declining Bitcoin prices and rising mining difficulty. In addition to acquiring more shares, Tether also announced it would support the Bitcoin mining pool Ocean by providing hash rate resources. Bitcoin's recent price is hovering around $85,000 but remains significantly below its record high of $109,000 set in January. Despite the challenges faced by miners, Tether's continued investment suggests confidence in the cryptocurrency space.

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