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Stablecoin issuer Tether to mine bitcoin in Uruguay

source-logo  theblock.co 30 May 2023 05:35, UTC

Stablecoin issuer Tether has entered the bitcoin mining and energy production space.

The company will begin operations in Uruguay in partnership with an unnamed "local licensed company," it announced Tuesday.

"By harnessing the power of Bitcoin and Uruguay's renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining," Paolo Ardoino, CTO of Tether, said in 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."

The news comes shortly after Tether said earlier this month that it will invest up to 15% of its profits in bitcoin on a regular basis to strengthen its reserves. Today's news shows Tether's continued bullish stance on the world's largest cryptocurrency.

As for choosing Uruguay to mine bitcoin, Tether said the South American country has emerged as a global leader in renewable energy, achieving a 94% electricity generation from renewable sources, predominantly wind and solar power.

"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.

This is a breaking story and will be updated.