Tether Reveals Plans To Start Mining Bitcoin• May 31, 2023 7:28 pm • Comments
The Bitcoin mining industry has suffered a lot of drawbacks in recent years as many are questioning its sustainability when it comes to energy consumption.
With that being said, it looks like there are still many that are looking to get into the mining space.
Stablecoin issuer Tether just revealed plans to invest in Bitcoin mining operations in Uruguay where it plans to mine BTC using renewable sources of energy.
The location seems to be reasonable given the fact that there are other regions in the world which would either heavily tax mining operations or ban it completely.
Having more miners is essential for powering the blockchain ecosystem and supporting the growth of crypto in general.
JUST IN: Tether to launch a #Bitcoin mining operation in 🇺🇾 Uruguay, a country with 94% renewable electricity generation 🍃🙌
— Bitcoin News (@BitcoinNewsCom) May 30, 2023
But given how Uruguay generates more than 98% of its electricity from renewable sources—predominantly wind and hydropower—Tether believes there’s an opportunity to adopt a much greener approach as BTC becomes increasingly scarce, with another halving event less than 12 months away.
“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’s chief technology officer Paolo Ardoino said in a news release.
Tether is also planning to hire energy experts to drive its ambitions forward—and as job losses mount in the crypto sector, the company’s launched a recruitment portal to attract talent.
At this point in time, it is still unclear how much Tether is actually investing into this new venture, but it is clear that the company is looking to expand beyond its stable coin business.
Previously, the company had also announced that it would be acquiring Bitcoin to use as part of its reserves to back the value of its stable coin.
This would strengthen its reserves and give users more confidence about the value of USDT maintaining its dollar peg.
Stable coins continue to remain an important part of the crypto ecosystem as it is often used as a medium of exchange between different digital assets like BTC and XRP.
— CoinMarketCap (@CoinMarketCap) May 31, 2023
Tether, the company behind the widely popular USD stablecoin, has announced its foray into energy production and sustainable Bitcoin mining operations in Uruguay.
According to the announcement, Tether’s collaboration with a local licensed company marks the company’s expansion into the energy sector as part of its goal to become a global tech leader.
By investing in renewable energy sources, Tether said it aims to support and promote sustainable Bitcoin mining, ensuring a “minimal ecological footprint while upholding the security and integrity of the Bitcoin network.” Paolo Ardoino, CTO of Tether, emphasized the company’s commitment to renewable energy, stating, “Tether is proud to spearhead a movement that combines cutting-edge technology, sustainable practices, and financial innovation.”
This decision comes as a result of the company's strategy to consistently buy Bitcoin using its earnings, thereby boosting its reserves. pic.twitter.com/Pl84PbQEAz
— Cryptic (@Crypticsmma) May 31, 2023
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