2023-05-30 17:12:01
Tether says its Uruguayan bitcoin mining operation will rely heavily on cheap renewable energy.
The Tether stablecoin issuer continues to expand its activities, according to the report published on May 30 from their press release.
The company announced that they are now past investments aimed at energy production and have entered into a partnership with a lesser-known, licensed local company to start bitcoin mining in Uruguay.
The stablecoin issuer revealed:
“Tether invests in renewable energy sources to support and promote sustainable Bitcoin mining – an essential part of maintaining the world’s most robust and secure financial network”
The technology manager of the tech company, Paolo Ardoino, highlighted the company’s commitment to environmentally conscious mining in connection with the development. He stated that each bitcoin mined will have the smallest possible ecological footprint. He added: “Utilizing the power of Uruguay’s renewable energy capacity, Tether aims to be a leader in sustainable and responsible bitcoin mining.”
According to the press release, the move coincides with Tether’s goals to become a global tech company, further strengthening its commitment to “energy innovations and the future of cryptocurrencies.”
Tether’s approach to sustainable bitcoin mining is part of the company’s recent pro-bitcoin initiatives. Earlier this month, the company behind the stablecoin said they wanted to bolster their USDT reserves by investing 15% of their net profit from their operations into bitcoin.
Our related article: The truth regarding sustainable energy used in bitcoin mining
By the way, their quarterly report revealed that they already have $1.5 billion in reserves from the leading cryptocurrency.
Why Uruguay?
Tether chose the South American state because 94% of the country’s energy production already comes from renewable sources. This is mainly obtained from wind and solar energy. The crypto company added:
“Uruguay offers the right conditions for sustainable energy production, as they support the establishment of wind, solar and hydropower plants, guaranteeing that the country is supplied with clean and environmentally friendly energy.”
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