Tether, the company behind USDT stablecoin, has announced another major effort towards Bitcoin after it revealed earlier to buy Bitcoin for stablecoin reserves using realized profit. Now, Tether is investing in energy production and sustainable Bitcoin mining by launching Tether Energy in Uruguay.
Tether CTO Paolo Ardoino took to Twitter to announce on May 30 that Tether Energy will provide technology and capital to build renewable energy infrastructure and bitcoin mining.
#tether energy⚡
Providing tech and capital to build renewable energy infrastructure and #bitcoin mining.We’re looking for talent. Join our new adventure ⤵️ https://t.co/pnJF2B50gw
— Paolo Ardoino 🍐 (@paoloardoino) May 30, 2023
Tether Announces Bitcoin Mining Operation in Uruguay
According to a press release on May 30, Tether announced investing resources into energy production and the launch of sustainable Bitcoin mining operations in Uruguay. Tether has partnered with a local licensed company to launch the Bitcoin mining operations.
Paolo Ardoino, CTO at Tether, said the company will use cutting-edge technology, sustainable practices, and financial innovation for Bitcoin mining using renewable energy to minimize its ecological footprint.
“By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining.”
Tether asserts it knows the importance of energy in driving progress and enabling better communities. It will leverage renewable energy resources to mine Bitcoin, the world’s most open and secure monetary network.
Tether is actively looking to expand its team by recruiting experts in the energy field. The company is currently hiring for seven positions including a site manager, IT technician, and mechanical technician.
Also Read: Bitcoin (BTC) To Hit $30K As Early Signs Of Institutional Buying Appears
Selecting Uruguay for Tether Energy
Tether selected Uruguay to launch its bitcoin mining business due to the country’s infrastructure in renewable energy. Almost 94% of electricity generation comes from renewable sources as it has abundant natural resources and ideal conditions for renewable energy production.
Moreover, a reliable electric grid system meets Tether requirements for beginning Bitcoin mining operations, while ensuring efficient and sustainable operations.
Also Read: Binance Expands Support For Cardano (ADA) And Litecoin (LTC)
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