Leading stablecoin issuer Tether has disclosed its decision to invest resources towards energy production and sustainable Bitcoin (BTC) mining operations in Uruguay. According to a press release on Tuesday, the company has partnered with a locally licensed company for the project.
Tether Ventures Into Bitcoin Mining
With the latest development, Tether’s is diversifying its focus from solely finance and communications to include the energy sector. The company said it aims to become a frontrunner in the global tech industry, and this new endeavor demonstrates its dedication to advancing energy innovation for the future of cryptocurrency.
The stablecoin issuer stated that it is investing in renewable energy sources to encourage sustainable Bitcoin mining, which is a crucial aspect of maintaining the world’s most resilient and secure monetary network.
Tether is currently in the process of expanding its team by recruiting professionals with expertise in the energy sector to help achieve its ambitious goal. This initiative marks a noteworthy milestone as the company aims to create a harmonious convergence of the energy and cryptocurrency industries.
“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,” Paolo Ardoino, CTO of Tether, said.
Why Uruguay?
Tether said it picked Uruguay to mine Bitcoin because the Latin American nation offers ideal conditions for its Bitcoin mining operations, thanks to its impressive utilization of sustainable and green energy sources. The company added that with a majority (94%) of Uruguay’s energy derived from renewable sources, the country presents an excellent environment for its energy-intensive operations.
“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,” Tether added.
Meanwhile, the latest development further indicates Tether’s continued optimism toward Bitcoin. Earlier this month, the company announced that it would invest up to 15% of its profits in the leading cryptocurrency regularly to strengthen its reserves.
The post Tether Ventures Into Sustainable Bitcoin Mining in Uruguay appeared first on Coinfomania.