Tether, the company behind the world’s most widely used stablecoin, USDT, is expanding its empire into the energy sector by launching sustainable Bitcoin mining operations in Uruguay.
According to the announcement, in collaboration with a local licensed company, Tether invests in renewable energy sources to support and promote sustainable Bitcoin mining, an essential component in upholding the world’s most robust and secure monetary network.
Tether Invests In Eco-Friendly Bitcoin Mining
The company aims to become a global tech leader, and its investment in Uruguay’s energy sector is a significant step toward achieving this goal. To accomplish this ambitious objective, Tether is actively seeking to augment its team by recruiting experts in the energy sector.
Furthermore, Paolo Ardoino, the company’s Chief Technology Officer (CTO), has expressed his pride in this initiative to launch sustainable Bitcoin mining operations in Uruguay. In the company’s announcement, Ardoino highlighted Tether’s commitment to renewable energy and its unwavering dedication to upholding the security and integrity of the Bitcoin network.
Ardoino emphasized that Tether’s investment in renewable energy sources ensures that every Bitcoin the company mines leaves a minimal ecological footprint while promoting sustainable practices. The company’s CTO further claimed:
Tether is paving the way for a brighter future. The company is proud to spearhead a movement that combines cutting-edge technology, sustainable practices, and financial innovation.
Earlier this month, the company behind the world’s most widely used stablecoin stated that it is shifting its treasury management strategy to include Bitcoin investments. Tether announced that it would commit to using up to 15% of its net profit to purchase Bitcoin, following similar strategies from other companies
Why Tether Picked Uruguay?
Uruguay has emerged as a global leader in renewable energy, achieving 94% of electricity generation from renewable sources, predominantly wind and solar power. The country’s abundant natural resources and favorable conditions for producing renewable energy make it an ideal location for the company’s sustainable Bitcoin mining operations.
In addition, Tether has highlighted Uruguay’s substantial investments in energy infrastructure, which have led to establishment of a robust and reliable grid system capable of meeting the demands of modern industries. This solid foundation provides the perfect platform to begin its sustainable Bitcoin mining operations, ensuring efficient and sustainable efforts.
The reliable grid system in Uruguay is a key factor in enabling Tether to mine Bitcoin sustainably. With a stable and consistent supply of clean and environmentally friendly energy, Tether can conduct its sustainable Bitcoin mining operations with minimal environmental impact.
Overall, the company’s investment in Uruguay’s energy sector is a significant step forward for the company, the cryptocurrency industry, and the world. With its commitment to renewable energy and sustainable practices, Tether is leading the way in responsible and sustainable Bitcoin mining.
The largest cryptocurrency in the market, Bitcoin, is trading at $27,700, having lost momentum to consolidate above the $28,000 mark.
Featured image from iStock, chart from TradingView.com