Tether Expansion: Stablecoin Issuer Announces Long-term Bitcoin Mining Project in Uruguay

After saying it would put 15% of its income into Bitcoin, Tether Limited has taken another step toward its cryptocurrency goals. Tether, the company that makes stablecoins, has announced its newest project: “sustainable Bitcoin mining operations in Uruguay.” Tether has teamed up with an approved local business to make this happen because it thinks Uruguay is the best place to mine bitcoins.

Uruguay is where Tether’s Bitcoin mining operations get started.

The company behind the most valuable stablecoin, Tether, said it is getting ready to invest in energy production resources and set up sustainable bitcoin (BTC) mining operations in Uruguay. Paolo Ardoino, the CTO of Tether, gave more details about their plan. He said the team behind producing energy and mining Bitcoin is actively seeking talented individuals to join their business. In a recent blog post, Tether stated that it has partnered with a Uruguayan company to get these activities going.

“As part of this new venture, Tether is investing in renewable energy sources to support and promote sustainable bitcoin mining, an essential component in upholding the world’s most robust and secure monetary network,” Tether stated on Tuesday. “To accomplish this ambitious objective, Tether is actively seeking to augment its team by recruiting experts in the energy sector.”

Tether’s decision to start bitcoin mining operations in Uruguay follows its recent announcement that it would give 15% of its profits to bitcoin (BTC). Tether’s stablecoin, tether (USDT), is also getting closer to beating its previous all-time high in market value. The asset is only a few hundred million dollars away from this milestone. Regarding its new project, Tether stresses that 94% of Uruguay’s energy comes from renewable sources.

“By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining,” Ardoino said during the announcement. “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.”