Tether to Start Bitcoin Mining in Uruguay

Sahana Kiran
Source – Unsplash

The largest stablecoin in the world Tether [USDT] has been making quite some noise following its inclination towards Bitcoin [BTC]. Recently, the stablecoin issuer revealed its $1.5 billion BTC reserve. Alongside, the network announced that it would allocate up to 15% of its profits towards purchasing the king coin. Now, in another BTC-friendly move Tether revealed that it would start Bitcoin mining operations in Uruguay.

In a recent announcement, the stablecoin issuer confirmed a partnership with a local licensed company. However, the specific name of the firm was not disclosed. Paolo Ardoino, CTO of Tether, elaborated on this partnership and said,

“By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining. 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. Tether is proud to spearhead a movement that combines cutting-edge technology, sustainable practices, and financial innovation.”

Why is Tether choosing Uruguay?

The Bitcoin mining industry witnessed a major setback throughout 2022. Tether’s latest interest comes as this sector has just started to recover. But why did the stablecoin issuer decide to choose Uruguay?

Tether cited Uruguay’s emergence as a global leader in renewable energy as the key reason behind choosing the country for Bitcoin mining operations. Uruguay has made remarkable strides in achieving a significant portion of its electricity generation from renewable sources, with an impressive 94% coming from wind and solar power. This abundance of renewable energy makes Uruguay an attractive location for Bitcoin mining. It further aligned with the goal of conducting mining operations using sustainable and environmentally friendly energy sources. Tether added,

“With its substantial investments in energy infrastructure, Uruguay boasts a robust and reliable grid system capable of meeting the demands of modern industries. This solid foundation provides the perfect platform for Tether to begin Bitcoin mining operations, ensuring efficient and sustainable operations.”