JAKARTA - Stablecoin publishing company Tether has announced its plans to launch a Bitcoin mining operation in Uruguay.
In an announcement on May 30, Tether said it plans to start a mining division in the South American country "working closely with local companies that have obtained licenses", as well as investing in energy production in Uruguay.
The stablecoin publishing company claims that it will use renewable energy sources for "sustainable" Bitcoin mining and plans to recruit additional team members.
"By leveraging Uruguay's Bitcoin power and renewable energy capabilities, Tether leads the way in sustainable and responsible Bitcoin mining," said Paolo Ardoino, head of Tether technology. "Our unwavering commitment to renewable energy ensures every Bitcoin we mine leaves a minimal ecological impact while maintaining the security and integrity of the Bitcoin network."
At Tether, we understand the importance of energy in driving progress & enabling thriving communities. That's why we're dedicated to harnessing the power of renewable energy to mine #Bitcoin, the world's most open & secure monetary network.Learn More 👉 https://t.co/LmBQptyobi pic.twitter.com/VrG20OnE1Z
— Tether (@Tether_to) May 30, 2023
At Tether, we understand the importance of energy in driving progress & enabling thriving communities. That's why we're dedicated to harnessing the power of renewable energy to mine #Bitcoin, the world's most open & secure monetary network.Learn More 👉 https://t.co/LmBQptyobi pic.twitter.com/VrG20OnE1Z
Tether cites Uruguay's ability to generate 94% of its electricity from renewable energy sources, including wind energy, solar energy, and possible hydro energy, as well as the reliability of its electrical grid. At the time of this announcement, job vacancies on their website also indicated expansion into South Africa and Brazil.
The announcement of this mining follows Tether's statement that it plans to "regularly allocate up to 15%" of their profits for Bitcoin purchases.
The stablecoin publishing company reported that it owns about $1.5 billion worth of Bitcoin in the first quarter of 2023 2% of their total reserves. Tether holds most of its assets in cash, cash equivalents, and U.S. State Debts.
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