Key takeaways:
- Tether, the issuer of the popular stablecoin, has entered the realm of Bitcoin mining, as per a press release on May 30.
- The company revealed that it has allocated resources towards energy production and has established a partnership with an undisclosed licensed local firm
Tether, the leading global stablecoin, has been generating significant buzz with its growing interest in Bitcoin. Recently, the stablecoin issuer unveiled its $1.5 billion Bitcoin reserve and announced plans to allocate a portion of its profits to acquire the flagship cryptocurrency.
In another pro-Bitcoin initiative, Tether has now disclosed its intentions to commence Bitcoin mining operations in Uruguay.
In a cooperation with an unidentified “local licenced company,” the company will launch operations in Uruguay, it was revealed Tuesday. Regarding the brand of the regional business, Tether declined to comment.
In order to do this, Tether has made the decision to invest in “renewable energy sources to support and promote sustainable Bitcoin mining.”
Tether has highlighted Uruguay as a prime location for its Bitcoin mining operations due to the country’s impressive renewable energy infrastructure. With 94% of electricity generation stemming from renewable sources, particularly wind and solar power, Uruguay is recognized as a global leader in sustainable energy practices.
Paolo Ardoino, the CTO of Tether, emphasized that by leveraging Bitcoin and Uruguay’s renewable energy capabilities, the company is spearheading sustainable and conscientious Bitcoin mining. Tether’s steadfast dedication to renewable energy guarantees that their mining activities have minimal ecological impact, all while ensuring the security and integrity of the Bitcoin network.
The move, according to the press release, is in line with its ambition to become a worldwide tech leader and strengthens its dedication to “energy innovation and the future of cryptocurrency.”
The company’s previous pro-Bitcoin actions continue with Tether’s push into environmentally friendly Bitcoin mining. The business said earlier in the month that it will increase its USDT reserves by purchasing Bitcoin using 15% of its net realised operating profits.
“Blessed with abundant natural resources, Uruguay offers ideal conditions for the production of renewable energy, facilitating the establishment of wind farms, solar parks, and hydropower projects, guaranteeing a consistent supply of clean and environmentally friendly energy,” Tether added.
The company is hiring for various roles in its new energy and bitcoin mining venture. Tether will also “soon” expand its bitcoin mining operations to other countries, according to its website.
“Tether Energy” is finally some good news for the stablecoin issuer after being surrounded by numerous controversies. The latest controversy surrounding Tether stemmed from a Wall Street Journal Report, which claimed that the firm used false documents and shell companies to help gain access to the banking system.
