Stablecoin issuer Tether has announced that it will launch bitcoin mining operations in Uruguay.
In a May 30 announcement, Tether said that in addition to investing in energy production in Uruguay, it also plans to open a mining unit in the South American country “in partnership with a local licensed company.” Stablecoin issuer claims the venture will utilize renewable energy designed to "sustain" Bitcoin, Mining and planning to hire more team members.
"By harnessing the power of Bitcoin and Uruguay's renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining," said Tether Chief Technology Officer Paolo Ardoino. ecological footprint while maintaining the security and integrity of the Bitcoin network. " Tether cites UrUguay's Ability to Generate 94 Percent of its Electricity from Renewable SourceS Such as Wind, Solar and Potentially Hydro, As Well as a ReLial Grid. Job li. Stings On ITS WebSite at the time of publication also suggetested expansion to sounda and brazil.
The mining announcement followed Tether saying it planned to “regularly allocate up to 15%” of its profits into BTC purchases. The stablecoin issuer reported it held roughly $1.5 billion in Bitcoin as of the first quarter of 2023, 2% of its total reserves. Tether kept most of its holdings in cash, cash equivalents and United States Treasury bills.
