Tether invests in renewable energy for Bitcoin mining in Uruguay

  • Tether, through a partnership with a licensed local company, will invest in a project that supports sustainable Bitcoin mining in Uruguay.
  • Uruguay generates 94% of its electricity from renewable energy sources.
  • Tether recently announced that it plans to use profits to purchase Bitcoin.

Tether, the issuer of the leading stablecoin USDT, has announced an investment in renewable energy production to support sustainable Bitcoin mining in Uruguay.

This is the latest news from Tether, which stated that it plans to expand its team for this project by hiring experts from the energy sector, according to the announcement.

Eyeing sustainable and responsible Bitcoin mining

Tether will collaborate with a locally licensed company to launch a Bitcoin mining initiative that involves investing in resources to increase the use of green energy to mine BTC.

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

Uruguay is one of the world’s leading renewable energy producers, with about 94% of its electricity generated from renewable sources, mainly wind and solar power. Tether notes that it is an ideal location for the establishment of solar parks, wind farms, and hydro-power projects.

Ardoino added that a reliable supply of clean, renewable energy is critical to ensuring that BTC mining has the least possible ecological footprint.

“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. Tether is proud to spearhead a movement that combines cutting-edge technology, sustainable practices, and financial innovation,” he stated.

Tether’s latest investment related to BTC comes just days after the company announced that it will reinvest 15% of net profits in purchasing Bitcoin. This move is part of the USDT issuer’s strategy to strengthen its reserves, a crucial aspect of the company’s business.