Tether, the issuer of the largest stablecoin USDT, has announced that it would start mining Bitcoin (BTC) in Uruguay in collaboration with a local licensed company, investing in the undisclosed firm. The company cited Uruguay's renewable energy capabilities while explaining its investment within the country. Tether's chief technology officer (CTO), Paolo Ardoino, said the move would help them ensure that every bitcoin they mine leaves a minimal ecological footprint. - The firm pointed out that Uruguay generates 94% of its electricity from renewable sources, including wind and solar power.
- The stablecoin issuer also praised the South African country for its ideal conditions for renewable energy production thanks to its facilities such as wind farms, solar parks, and hydropower projects powered by its abundant natural resources.
- Tether stated that these conditions guarantee a consistent, clean, and environment-friendly energy supply.
Earlier in May, Tether also announced that it would start investing 15% of its monthly net profit in Bitcoin on a regular basis as of May. - At the time, the firm said the Bitcoin investments aim to diversify its reserves that back its token, USDT, whose value is pegged to the U.S. dollar (USD).
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