Tether, the crypto giant behind the world’s largest stablecoin Tether USD (USDT), has expanded into the crypto mining space with an investment in energy production and a Bitcoin mining facility in Uruguay. The USDT issuer stated that it plans to carry out sustainable Bitcoin mining in collaboration with a local licensed company.
According to a press release by Tether earlier today, the expansion from finance and communication into the mining and renewable energy sector is part of the USDT issuer’s plan to become a global tech leader. The company boasted its commitment to energy innovation and the future of cryptocurrency while adding that it planned to support and promote sustainable Bitcoin mining.
Tether stated that it was actively recruiting experts from the energy sector to work on its latest venture. The firm added that this project was an essential component in upholding the world’s most robust and secure monetary network.
Paolo Ardoino, the Chief Technology Officer (CTO) of Tether, saw his company’s latest venture as an “unwavering commitment to renewable energy” which ensured that every mined Bitcoin left a minimal ecological footprint while upholding the security and integrity of the Bitcoin network. The executive added that the project would help the firm lead the way in sustainable and responsible Bitcoin mining.
Tether selected Uruguay to set up its Bitcoin mining operations due to the country’s position as a global leader in renewable energy. The country derives a whopping 94% of its electric energy through renewable sources like wind and solar. Uruguay’s abundant natural resources made it an ideal destination for setting up renewable energy facilities like wind farms, solar parks, and hydropower projects.
The USDT issuer further stated that Uruguay offered a robust and reliable grid system thanks to its investments in energy infrastructure. The grid system would make sure that all energy demands of Tether’s Bitcoin mining operations are met.
