After announcing its plan to invest 15% of profits into bitcoin, the company Tether Limited has taken another step toward its crypto goals. Tether, the stablecoin issuer, has revealed its latest venture: “sustainable bitcoin mining operations in Uruguay.” Tether has partnered with a licensed local company to make this happen, as it believes Uruguay is the ideal location for bitcoin mining production.
Tether’s Bitcoin Mining Operations Take Root in Uruguay
Tether, the issuer of the largest stablecoin in terms of market capitalization, said it is gearing up to invest in energy production resources and establish sustainable bitcoin (BTC) mining operations in Uruguay. Paolo Ardoino, the CTO of Tether, elaborated on their vision, expressing that the team behind energy production and bitcoin mining is actively seeking talented individuals to join their venture. In a recent blog post, Tether revealed that it has partnered with a local company in Uruguay to kickstart these operations.
“As part of this new venture, Tether is investing 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 stated on Tuesday. “To accomplish this ambitious objective, Tether is actively seeking to augment its team by recruiting experts in the energy sector.”
Tether’s decision to embark on bitcoin mining operations in Uruguay comes on the heels of its recent declaration to allocate 15% of its profits to bitcoin (BTC). Tether’s stablecoin, tether (USDT), is also inching closer to surpassing its previous all-time high in market valuation as the asset is just a few hundred million away from this milestone, currently. Regarding its new undertaking, Tether emphasizes that the majority, or 94%, of Uruguay’s energy production, is derived from renewable sources.
“By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible bitcoin mining,” Ardoino said in a statement during the announcement. “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.”