Tether is looking to step its foot into a new venture of Bitcoin mining.
Tether, the renowned stablecoin issuer behind USDT, has unveiled plans to commence Bitcoin (BTC) mining operations in Uruguay, citing the country's renewable energy capabilities as a significant factor in its decision.
In the announcement shared on May 30th, the company expressed intentions to collaborate with a locally licensed firm in Uruguay to establish its mining operations.
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The new venture will focus on "sustainable" Bitcoin mining by harnessing renewable energy sources. Tether plans to invest in Uruguay's energy production and expand its team.
Paolo Ardoino, Tether's Chief Technology Officer, emphasized the company's commitment to minimizing environmental impact through renewable energy.
By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining. Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network.
Uruguay, known for generating about 94% of its electricity from renewable resources like wind, solar, and potentially hydropower, presents an appealing environment for sustainable crypto mining. Tether further hinted at possible expansion to other countries, with job listings suggesting its interest in South Africa and Brazil.
The announcement comes in the wake of Tether's recent disclosure that it plans to "regularly allocate up to 15%" of its profits to Bitcoin purchases.
After the first quarter of 2023, the stablecoin issuer reported a Bitcoin holding of approximately $1.5 billion, which accounted for 2% of its total reserves.
Tether's move into Bitcoin mining in Uruguay, particularly with a focus on renewable energy, marks another crucial step in the crypto industry's journey toward sustainability. The venture not only signifies Tether's commitment to green energy but also highlights the potential of countries like Uruguay in the realm of sustainable crypto mining.
It will be interesting to see how this initiative evolves and whether it spurs further adoption of renewable energy in the crypto mining sector.
