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Tether to commence Bitcoin mining operations in Uruguay

source-logo  bitcompare.net 30 May 2023 18:59, UTC
In the words of Paolo Ardoino, the CTO of Tether, "By harnessing the power of Bitcoin and Uruguay's renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining."

Stablecoin issuer Tether (USDT) announced its plans to mine Bitcoin (BTC) using renewable energy in Uruguay.

At Tether, we understand the importance of energy in driving progress & enabling thriving communities. That's why we're dedicated to harnessing the power of renewable energy to mine #Bitcoin, the world's most open & secure monetary network.

Learn More 👉 https://t.co/LmBQptyobi pic.twitter.com/VrG20OnE1Z

— Tether (@Tether_to) May 30, 2023

In its blog post, the issuer of USDT praised Uruguay for its reliable energy infrastructure. Citing Uruguay as a global leader in the field of renewable energy, Tether claimed that Uruguay’s renewable energy prowess makes it the perfect nation for crypto-mining operations.

As a result, Tether will collaborate with a local firm to expand into the field of Bitcoin mining. The stablecoin issuer, however, has yet to reveal the name of its partner company.

The news came a few days after Tether claimed that the firm will strengthen its USDT reserves by allocating 15% of its profits to purchasing Bitcoin every month starting May 2023.