Tether, the issuer of stablecoin USDT, intends to mine Bitcoin in Uruguay by taking advantage of the country’s renewable energy capabilities.
This Tuesday, Tether announced the launch of green crypto mining operations in Uruguay in partnership with an unnamed licensed local company.
The company behind the world’s largest stablecoin, USDT, has also indicated its intention to invest in renewable energy production in Uruguay.
This is an entirely new initiative for Tether, as the press release points out:
“With this, Tether has extended its reach from finance and communications to the energy sector. Its goal is to become a global tech leader, and this latest initiative shows its commitment to energy innovation and the future of cryptocurrency.”
Indeed, the Latin American country is known for its high use of solar and wind power. According to Tether, Uruguay is number 1 in the world for green energy, with 94% of its production coming from renewable sources.
A choice that Paolo Ardoino, Tether’s CTO, explained a few days ago:
“Bitcoin has continually proven its resilience and established itself as a long-term store of value with substantial growth potential. Its limited supply, decentralized nature and widespread adoption have made Bitcoin a preferred choice for both institutional and retail investors.”
By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is paving the way for sustainable and responsible Bitcoin mining. Our unwavering commitment to renewable energy ensures that every BTC we mine leaves a minimal ecological footprint, while preserving the security and integrity of the network,” boasted Paolo Ardoino, Tether’s CTO.