Home Press Release Tether expands into Bitcoin mining

Tether expands into Bitcoin mining

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Stablecoin issuer Tether has expanded into Bitcoin (BTC) mining, according to a May 30 press statement. crypto slate.

Tether has announced that it has partnered with an anonymous local licensed company to invest resources in energy production and launch a sustainable Bitcoin mining operation in Uruguay.

The stablecoin issuer said:

“Tether invests in renewable energy sources to support and facilitate sustainable Bitcoin mining, which is an integral part of maintaining the world’s most robust and secure currency network.”

Tether CTO Paolo Ardoino spoke about the development, stating that all BTC mined leaves a minimal environmental impact, highlighting the company’s commitment to environmentally friendly mining. . He added, “By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether aims to lead in sustainable and responsible Bitcoin mining.”

The move aligns with the company’s goal of becoming a global technology leader and strengthens its commitment to “energy innovation and the future of cryptocurrencies,” according to a press release.

Tether’s foray into sustainable Bitcoin mining continues the company’s recent pro-Bitcoin efforts. Earlier this month, the company announced it would bolster its USDT reserves by investing 15% of its net realized operating income in Bitcoin.

The company’s quarterly certification found it has $1.5 billion in reserves in its flagship digital assets.

Why Tether Chose Uruguay

Tether said it chose the South American country because 94% of its power generation comes from renewable energy, mostly wind and solar power. The cryptocurrency company added:

“Uruguay offers ideal conditions for the production of renewable energy, facilitating the establishment of wind farms, solar parks and hydroelectric projects, guaranteeing a stable supply of clean and environmentally friendly energy. .”

An article post-tether expanding into bitcoin mining first appeared on CryptoSlate.

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