Tether CTO clarifies rumors around photo of a container with the ‘Tether Energy’ logo Tether CTO clarifies rumors around photo of a container with the ‘Tether Energy’ logo
Paolo Ardoino said that while the 'Tether Energy' logos were superimposed on the industrial containers, the project is "really happening."
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Updated: Aug. 26, 2023 at 4:17 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Paolo Ardoino, the CTO of Tether, posted a picture of large industrial containers sporting the logo of Tether Energy on Aug. 24. The photo sparked a flurry of rumors and speculations which Ardoino addressed in a separate post on X on Aug. 26.
Ardoino’s initial picture started speculations about whether the image was photoshopped, questioning its authenticity. To put the rumors to rest, Ardoino wrote:
“Is the photo real? Yes.”
Ardoino explained that the initial image portrayed one of the control rooms in one of the many Tether Energy’s Bitcoin mining sites that are “currently being finalized” and will soon start operations.
The site is located in Latin America, although Ardoino declined to provide specific information “to avoid personnel harassment, a valid concern given the amount of detractors obsessed with Tether.” It is possible that Ardoino was talking about Uruguay — the company is building sustainable Bitcoin mining in Uruguay, according to a May 30 Tether announcement.
Ardoino, clarified that the logo of ‘Tether Energy’ was indeed superimposed or photoshopped on the containers as many speculated. Explaining the company’s reasoning behind this move, Ardoino wrote:
“We thought that the photo would have been shared on newspapers so the team wanted to brand it. And in fact this is exactly what happened. Moreover, putting gigantic Tether logos would not be great from physical privacy of the site point of view.”
Ardoino tried to assure X users that despite the logo being photoshopped, the project is real. Sharing a 3D model of the mining site under construction, Ardoino noted:
“So does it [photoshopping] make it less real? No. It’s really happening. The site is progressing well, everyone in the team is super excited and working around the clock to start operations in the next few weeks.”
What is Tether Energy?
Tether Energy was launched by Tether, which mints USDT — the largest stablecoin by market cap, to build sustainable Bitcoin mining centers that run on renewable energy. Tether Energy is partnering with local companies, providing capital and infrastructure support, and general expertise to build these mining sites, Ardoino noted.
Tether Energy is choosing partners with “solid local connections, outstanding and passionate personnel,” and those who have a “deep respect for the environment.” He added:
“At Tether we believe that #bitcoin mining has to be as geographically decentralized as possible, with the goal of reducing the current heavy concentration in specific countries.”
At present, a major chunk of Bitcoin mining is concentrated in the U.S. Bitcoin mining is an energy-intensive process, accounting for around 60-77% of global electricity consumption by cryptocurrencies.
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Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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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
$0.99987
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Paolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as Chief Technology Officer.
