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Tether picks Uruguay to venture into sustainable Bitcoin mining

source-logo  finbold.com 30 May 2023 11:03, UTC

Tether, a pioneering force in the realm of stablecoins, cemented its position as one of the leading crypto and blockchain companies that helped reshape the digital finance space.

Now, the company is ready to make the next step as it seeks to begin sustainable Bitcoin (BTC) mining operations in Uruguay, it announced in a press release on Tuesday, May 30.

More specifically, the company behind the world’s biggest stablecoin, USDT, is looking to take advantage of Uruguay’s substantial renewable energy power resources to launch energy production and Bitcoin mining operations in the country, in collaboration with an unnamed local licensed company, Tether wrote in the release.

Tether eyeing ‘global tech leader’ status

The move is aimed at expanding the company’s reach from finance and communications to the energy sector, and becoming a global tech leader, Tether wrote.

“To accomplish this ambitious objective, Tether is actively seeking to augment its team by recruiting experts in the energy sector. This project represents a noteworthy milestone, where the realms of energy and cryptocurrency converge harmoniously.”

– Tether said in the announcement.

Paolo Ardoino, Chief Technology Officer of Tether, said that by leveraging Bitcoin and Uruguay’s renewable energy qualities, Tether is “leading the way in sustainable and responsible Bitcoin mining.” The company’s focus on renewable energy underscores that “every Bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network,” he added.

On May 17, Tether said it would start making regular purchases of Bitcoin for its stablecoin reserves using a percentage of its profits. The action comes as part of Tether’s new investment strategy that will be increasingly focused on the number one cryptocurrency.

Why Uruguay?

Further in the press release, Tether said that Uruguay has become one of the world leaders in renewable energy, with the South American country generating 94% of its electricity using wind and solar power.

Having said that, Tether sees Urguay as an ideal location for the production of renewable energy and a “perfect platform” for the company to kick off its sustainable BTC mining journey.