- Tether, well-known for issuing the USDT stablecoin, is now venturing into sustainable bitcoin mining. In a press release issued on Tuesday, the company revealed its investment in a green bitcoin mining facility situated in Uruguay.
- By partnering with a licensed local company, Tether aims to strengthen its position in this emerging field.
Tether Embraces Sustainability: Uruguay as a Hub for Green Bitcoin Mining
Tether, well-known for issuing the USDT stablecoin, is now venturing into sustainable bitcoin mining. In a press release issued on Tuesday, the company revealed its investment in a green bitcoin mining facility situated in Uruguay.
By partnering with a licensed local company, Tether aims to strengthen its position in this emerging field. While specific information regarding the investment amount and the identity of the partnering firm remains undisclosed, a spokesperson from Tether stated that the mining operation is expected to begin in the middle of the third quarter of this year.
Tether’s Bitcoin Investment Strategy: Harnessing Uruguay’s Renewable Energy Potential
Earlier this month, Tether announced its intention to allocate a portion of its profits towards investing in bitcoin. This includes regular purchases of bitcoin as well as the development of essential infrastructure. As part of this initiative, Tether disclosed its initial bitcoin acquisitions, with a cryptocurrency holding worth around $1.5 billion by the end of March.
“BY LEVERAGING BITCOIN AND URUGUAY’S RENEWABLE ENERGY CAPACITIES, TETHER IS SETTING THE PACE FOR SUSTAINABLE AND ACCOUNTABLE BITCOIN MINING,”
commented Paolo Ardoino, Tether’s Chief Technology Officer.
Foreign cryptocurrency investors are increasingly turning their attention to the South American continent, particularly in the field of bitcoin mining, as opportunities in North America become more limited. Paraguay, a neighboring country to Uruguay, has experienced an influx of miners seeking to take advantage of its untapped hydropower resources. However, this has caused tensions within the country’s political and energy systems.
Tether’s USDT stablecoin is currently the largest in the market, with a market capitalization of $83 billion. The stablecoin is primarily backed by assets such as U.S. government-issued debt, gold, and secured loans issued to undisclosed parties. The company has benefited from rising yields in the past year, contributing to its net profits of $1.5 billion in the first quarter of 2023.
By investing in renewable energy innovation and cryptocurrency’s future, Tether demonstrates its commitment to these areas. Uruguay, with its abundant natural resources and significant investments in energy infrastructure, provides an ideal environment for Tether’s bitcoin mining operation. This investment further solidifies the company’s position as a global technology leader.
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