- Tether will be investing in renewable energy production and bitcoin mining in Uruguay.
- The bitcoin mining operation will be undertaken in partnership with an unnamed company.
- This move follows Tether’s pledge to allocate 15% of its profits to bitcoin investments.
Stablecoin issuer Tether announced today, May 5, that it will be mining bitcoins (BTC) in Uruguay, in partnership with an unnamed local licensed company.
The announcement specifically wrote that Tether is “investing resources into energy production” in conjunction with its goal to mine bitcoins in a sustainable manner. Hence, it is safe to assume that the mysterious local company in Uruguay is a firm in the energy sector.
In addition, Tether is looking to fill up positions for its foray into bitcoin mining. The Tether USD (USDT) issuer posted a tweet to encourage interested jobseekers to apply.
Apply now: https://t.co/4mYFzS6O2F— Tether (@Tether_to) May 30, 2023
This strategic move follows Tether’s recent declaration of its intention to allocate up to 15% of its profits to bitcoin investments regularly, indicating its continued bullish stance on the world’s largest cryptocurrency.
Uruguay, known for its renewable energy advancements, was chosen by Tether as the ideal location for bitcoin mining operations. The country has achieved an impressive 94% electricity generation from renewable sources, primarily wind and solar power.
Blessed with abundant natural resources, Uruguay has successfully established wind farms, solar parks, and hydropower projects, providing a consistent supply of clean and environmentally friendly energy.
Tether’s expansion into bitcoin mining and renewable energy in Uruguay underscores its commitment to sustainable practices. Furthermore, the company plans to extend its mining operations to additional countries in the near future, as mentioned on its official website.
Meanwhile, Bitcoin is still struggling to have a foothold at $28,000. At the time of writing, BTC is changing hands at $27,945.32, according to CoinGecko.