The company behind the most widely used U.S. dollar stablecoin, Tether, sets to enter the mining industry through collaborations in Uruguay.
The company behind the immensely popular USD stablecoin, Tether, has announced its entry into the Uruguayan energy production and Bitcoin mining industries. Tether announced its partnership with a local licensed company signifying its expansion into the energy industry as part of its mission to become a global technology leader.
Tether intends to support and promote sustainable Bitcoin mining, investing in renewable energy, thereby ensuring a minimal ecological footprint while upholding the security and integrity of the Bitcoin network. Tether is proud to lead a movement that combines cutting-edge technology, sustainable practices, and financial innovation
Tether’s Chief Technology Officer, Paolo Ardoino
According to the announcement, 94% of Uruguay’s electricity production is derived from renewable sources such as wind and solar power, earning the country a reputation as a leader in renewable energy.
The favorable conditions for renewable energy production, including wind farms, solar parks, and hydropower projects, make the country an ideal location for Tether’s sustainable mining operations. It also also stated that Uruguay’s robust and dependable electrical grid system further assures efficient and sustainable mining activities.
Additionally, Tether is actively searching for energy industry experts to join its team and contribute to this innovative initiative. Visit recruitee.com/energy for more information on Tether’s energy initiative and career opportunities. Following the announcement, the Bitcoin (BTC) price on major spot trading platforms soared briefly to nearly $28,000 before returning to $27,800.t
