- Tether, the parent company of USDT, announced that it has entered the Bitcoin mining and energy production sector.
- Tether stated that Uruguay has emerged as a global leader in renewable energy, with 94% of its electricity production coming from wind and solar energy sources.
Tether, the parent company of USDT stablecoin, will launch Bitcoin mining operations in partnership with a licensed company in South America.
Bitcoin Mining Initiative from Tether!
Tether, the parent company of USDT, announced that it has entered the Bitcoin mining and energy production sector. As announced on Tuesday, the company will start operations in partnership with an unnamed “local licensed company” in Uruguay.
Tether’s CTO Paolo Ardoino said in the statement, “By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining.” and added;
“Our commitment to renewable energy minimizes the ecological footprint of every Bitcoin we mine while maintaining the security and integrity of the Bitcoin network.”
This news comes shortly after Tether announced that it will regularly invest up to 15% of its profits in Bitcoin earlier this month. Today’s news shows Tether’s ongoing bullish outlook on the world’s largest cryptocurrency.
Regarding the selection of Uruguay for Bitcoin mining, Tether stated that the South American country has emerged as a global leader in renewable energy, with 94% of its electricity production coming from wind and solar energy sources.
The Tether statement also included the following statement: “Uruguay, with abundant natural resources, facilitates the establishment of wind farms, solar energy parks, and hydroelectric projects, providing a continuous supply of clean and environmentally friendly energy.”
Tether’s Bitcoin Plans
Stablecoin issuer Tether recently announced that it will use a portion of its profits to regularly purchase Bitcoin (BTC) for stablecoin reserves, as part of a new investment strategy focused on the largest cryptocurrency by market value.
Tether said it will allocate about 15% of the profits from investments to buy BTC, excluding unrealized price increases, and add the tokens to its reserve surplus.
According to the announcement, the company will store its BTC without using any third-party custodians.
The company’s BTC buying campaign aims to strengthen and diversify stablecoin reserves while benefiting from price increases as an investment.
Tether’s CTO Paolo Ardoino said in a statement, “Bitcoin has consistently proven its resilience and emerged as a long-term store of value with significant growth potential.”
