Following the announcement that Tether made earlier about their plan to invest around 15% of their profits into Bitcoin, the stablecoin issuer company has taken another step to reach its crypto goals. The stablecoin issuer Tether has revealed its latest venture, which is “sustainable bitcoin mining operations in Uruguay.”
The company, Tether Limited, has partnered with a licensed local company in Uruguay to make this partnership happen since it believes that Uruguay is the ideal location for bitcoin mining production.
At Tether, we understand the importance of energy in driving progress & enabling thriving communities. That’s why we’re dedicated to harnessing the power of renewable energy to mine #Bitcoin, the world’s most open & secure monetary network.
Learn More 👉 https://t.co/LmBQptyobi pic.twitter.com/VrG20OnE1Z
— Tether (@Tether_to) May 30, 2023
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The issuer of the largest stablecoin in terms of market capitalization, Tether, announced on May 30, 2023, that this plan of theirs to start a mining gig in the South American nation also comes in addition to their investment in energy production of Uruguay. In order to their plan to move out from the finance and communications sector and to include the energy sector combines very well with their decision to include sustainable Bitcoin mining!
The Chief technology officer of Tether, Paolo Ardoino, commented on the announcement that “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. Tether is proud to spearhead a movement that combines cutting-edge technology, sustainable practices, and financial innovation.”
Uruguay has emerged as a dominant global leader in renewable energy, with a capability of generating about 94% of its electricity from renewable sources, for example, wind, solar, and potentially hydropower, along with its reliable grid. According to reports, there are also openings for various positions on its website at the time of publication which is suggestive of its expansion into South Africa and Brazil!
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While that is the case, Uruguay’s renewable energy is the reason for Tether citing it for its Bitcoin mining venture.
Source: CryptoSlate
