Tether starts Bitcoin mining in Uruguay
The stablecoin issuer Tether has announced that it will start Bitcoin mining operations in Uruguay.
In a press release on May 30, Tether stated that it plans to establish a mining department in the South American country “in partnership with a locally licensed company,” in addition to investing in Uruguay’s energy production. The stablecoin issuer declared that the project would use renewable energy sources that are intended for “sustainable” Bitcoin ( BTC ) mining, and it intends to recruit additional team members.
Paolo Ardoino, Tether’s chief technology officer, said, “By utilizing 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.”
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. Learn More https://t.co/LmBQptyobi pic.twitter.com/VrG20OnE1Z
— Tether (@Tether_to) May 30, 2023
Tether noted that Uruguay can generate 94% of its electricity from renewable sources, including wind, solar, and possibly hydropower, as well as having a dependable grid. Job postings on its website also hinted at expansion into South Africa and Brazil.
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The mining announcement followed Tether’s statement that it plans to “consistently allocate up to 15%” of its profits toward BTC purchases. As of the first quarter of 2023, the stablecoin issuer reported holding roughly $1.5 billion in Bitcoin, which made up 2% of its total reserves. Tether maintained the majority of its holdings in cash, cash equivalents, and U.S. Treasury bills.
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