Tether, the parent company of the widely used stablecoin USDT, has announced that it is investing resources into energy production and sustainable Bitcoin mining operations in Uruguay. Tether’s venture will be in collaboration with a local licensed company.
The company added:
As part of this new venture, Tether is investing in renewable energy sources to support and promote sustainable Bitcoin mining—an essential component in upholding the world’s most robust and secure monetary network.
To accomplish this ambitious objective, Tether is actively seeking to augment its team by recruiting experts in the energy sector. This project represents a noteworthy milestone, where the realms of energy and cryptocurrency converge harmoniously.
Tether Ventures into the Energy Sector
With this move, Tether has expanded beyond finance and digital assets and entered the energy sector. The company added that it hopes to become an industry leader in the industry as it has in the cryptocurrency field.
Tether CTO, Paolo Ardoino, added:
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.
Uruguay Is a World Leader in Renewable Energy
Tether selecting Uruguay for its energy and sustainable Bitcoin mining activities is no surprise, as it is a global leader in renewable energy. 98% of its electricity generation is from wind, hydro and solar.
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