Tether expands into Bitcoin mining News โธ Tether โธ Stablecoins
Tether expands into Bitcoin mining
Tether said its Bitcoin mining operations in Uruguay would rely predominantly on low-cost, renewable energy.
1 min read
Updated: May. 30, 2023 at 2:23 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Stablecoin issuer Tether has expanded its operations into Bitcoin (BTC) mining, according to a May 30 press statement shared with CryptoSlate.
Tether announced it has invested resources into energy production and has partnered with an unnamed local licensed company to launch a sustainable Bitcoin mining operation in Uruguay.
The stablecoin issuer stated:
“Tether is investing in renewable energy sources to support and promote sustainable Bitcoin miningโan essential component in upholding the world’s most robust and secure monetary network.”
Tether’s CTO Paolo Ardoino, speaking on the development, emphasized the company’s commitment to environmentally responsible mining by stating that every BTC mined would leave a minimal ecological footprint. He added, “By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether aims to lead the way in sustainable and responsible Bitcoin mining.
According to the press statement, the move aligns with its goal of becoming a global tech leader, furthering its commitment to “energy innovation and the future of cryptocurrency.”
Tether’s foray into sustainable Bitcoin mining continues the company’s recent pro-Bitcoin initiatives. Earlier in the month, the company said it would strengthen its USDT reserves by investing 15% of its net realized operating profits in Bitcoin.
Its quarterly attestation had shownย that it held $1.5 billion of its reserves in the flagship digital asset.
Why Tether picked Uruguay
Tether said it picked the South American country because 94% of its electricity generation comes from renewable sources, predominantly wind, and solar power. The crypto company added:
“Uruguay offers ideal conditions for the production of renewable energy, facilitating the establishment of wind farms, solar parks, and hydropower projects, guaranteeing a consistent supply of clean and environmentally friendly energy.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tether
$1.00000
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Tether Limited
Tether Limited is the company that introduced Tether (USDโฎ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Paolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as Chief Technology Officer.