- Tether is to fund a Bitcoin mining facility in Uruguay
- The company promises that the operation will be ecologically sensitive
- Uruguay has been chosen for its stable electricity grid and plentiful natural power
Stablecoin giant Tether has announced its intention to build out Bitcoin mining operations in Uruguay, marking a surprise expansion by the company. Tether announced the move yesterday, saying that it will be “investing resources into energy production and the launch of sustainable Bitcoin mining operations” in Uruguay, in collaboration with a local company. To aid its operations, the company is seeking skilled professionals to help its operation, which represents the first time the South American country has been used for such a purpose.
Tether Plans to be “Global Tech Leader”
In a blog post outlining its move, Tether reiterated its plan to become “a global tech leader”, saying that its Uruguayan Bitcoin mining plans represent “Tether’s commitment to energy innovation and the future of cryptocurrency.” It calls the pursuit of sustainable Bitcoin mining “an essential component in upholding the world’s most robust and secure monetary network”, claiming that it will see “the realms of energy and cryptocurrency converge harmoniously.”
Paolo Ardoino, CTO of Tether, explained in the blog post how the company will focus on conducting its operations in an environmentally friendly manner:
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.
Uruguay Makes Sense as New Frontier
The choice of Uruguay may seem left field, but there is a very good reason why Tether has chosen it as its base for its first Bitcoin mining operation. Uruguay has positioned itself as a frontrunner in the global renewable energy landscape, achieving an impressive milestone of 94% of electricity generation sourced from renewable sources, primarily wind and solar power.
The country’s abundant natural resources represent an optimal environment for the production of clean energy, enabling the establishment of wind farms, solar parks, and hydropower projects that ensure a consistent supply of eco-friendly power.
