Tether plans to establish ethical and sustainable Bitcoin mining as the norm by utilizing Uruguay’s renewable energy sources alongside the power of Bitcoin.
The stablecoin giant, Tether has dedicated resources to energy production and partnered with a licensed company in Uruguay to lay the foundation for a viable Bitcoin mining venture in the country. The stablecoin’s creator said:
“Tether is investing in renewable energy sources to support and promote sustainable Bitcoin mining—an essential component in upholding the world’s most robust and secure monetary network.”
Speaking on the breakthrough, Tether’s CTO Paolo Ardoino reaffirmed the company’s dedication to mining in a friendly manner. He stated that each BTC mined would have a negligibly small impact on the environment.
He added, “by harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether aims to lead the way in sustainable and responsible Bitcoin mining.”
This initiative aligns with Tether’s goal of becoming a global technology leader and reinforce its commitment to “energy innovation and the future of cryptocurrency.”
However, Tether’s commitment to supporting Bitcoin extends to environmentally friendly mining practices. Earlier this month, the company announced its intention to increase its reserves of USDT by using 15% of its net realized operating profits to purchase Bitcoin. Tether revealed that it held $1.5 billion of its reserves in Bitcoin, making it the primary digital asset in its holdings.
Why Tether Selected Uruguay
Tether chose Uruguay as its location because 94% of the country’s electricity is generated from renewable sources. The company stated that this aligns with its commitment to sustainable energy practices.
“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.”
