Tether Launches Clean Energy Bitcoin Mining Farm in Uruguay
Following its investment in Bitcoin, Tether has unveiled plans to bolster its Bitcoin holdings by launching a mining operation in Uruguay.
Tether Launches Bitcoin Mining Farm in Uruguay
On the evening of May 30, Tether—the company behind the world’s largest stablecoin, USDT—announced it will establish a cryptocurrency mining joint venture in Uruguay.
At Tether, we understand the importance of energy in driving progress & enabling thriving communities. That's why we're dedicated to harnessing the power of renewable energy to mine #Bitcoin, the world's most open & secure monetary network.
— Tether (@Tether_to) May 30, 2023
Learn More 👉 https://t.co/LmBQptyobi pic.twitter.com/VrG20OnE1Z
Tether's CTO, Paolo Ardoino, stated:
"By harnessing Uruguay's abundant renewable energy, Tether will lead the charge in clean and sustainable Bitcoin mining. Our commitment to using renewable energy ensures that all the Bitcoin we mine will have a minimal environmental impact while maintaining high security for the Bitcoin network."
However, Tether declined to provide further details about the joint venture established in Uruguay.
According to statistics, Uruguay is among the highest in the world for renewable energy adoption—94% of its electricity comes from hydro, wind, and solar power.
Tether also indicated that it plans to expand its Bitcoin mining operations to other countries soon.
Earlier in May, Tether revealed it holds $1.5 billion in Bitcoin as part of its strategy to diversify its reserves for the stablecoin. The company also announced it would allocate 15% of its monthly profits to purchasing additional BTC. Currently, Tether's surplus profit stands at nearly $2.5 billion.
