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Tether Doubles Down on Bitcoin: Mining Operations in Uruguay in the Works

source-logo  blockworks.co 30 May 2023 07:17, UTC

Tether is doubling down on its Bitcoin strategy by launching a mining operation in Uruguay in partnership with a local licensed company, Tether said Tuesday.

Just last week, Tether said it would be purchasing a lot more bitcoin, which it will custody itself.

The USDT issuer said in a statement that it’s actively looking to hire energy experts to help support the South American-based mining initiative. Some of the positions based in Montevideo, Uruguay, that Tether listed include an IT technician, a site manager, an electrician and a mechanical technician.

Tether has selected Uruguay as its destination for a bitcoin mining facility because of the country’s high percentage of renewable electricity generation, chiefly wind and hydropower, according to the International Trade Administration.

The ITA further posits that Uruguay “currently generates over 98 percent of all electricity from renewable sources” as of September 2022.

Tether Chief Technology Officer Paolo Ardoino pointed to Uruguay’s “renewable energy capabilities” and said Tether is committed to sustainability.

“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,” Ardoino said in a statement.

Similar to Tether, Bitdeer launched a $500 million fundraising effort in early May along with Bhutan’s government to pay for a carbon-free mining operation in the South Asian country.

This move from Tether comes as its stablecoin continues to exercise dominance, with USDT capturing over 64% of the stablecoin market share, according to data from Blockworks Research.

Blockworks reached out to Tether but didn’t receive an immediate response.