One of the major stablecoin companies, Tether, which established itself amongst the biggest blockchain and crypto companies and helped to reshape digital finance forever, is now on its way to begin sustainable Bitcoin (BTC) mining operations in the country of South America – Uruguay. The decision to establish itself in South America was published on the 30th of May.
The founding company of USDT, the biggest stablecoin on the market, is planning to launch its Bitcoin mining operations in Uruguay, primarily due to the feasible amount of renewable energy production in the region, collaborating with an unnamed licensed company.
In hopes of reaching the leading global position as a tech leader, Tether aimed to expand its branches into the energy sector, and thus achieve the goal. It wrote:
“To accomplish this ambitious objective, Tether is actively seeking to augment its team by recruiting experts in the energy sector. This project represents a noteworthy milestone, where the realms of energy and cryptocurrency converge harmoniously.”
CTO of Tether, Paolo Ardoino, said that by using the Uruguayan renewable energy, and Bitcoin mining facilities, Tether will be “leading the way in sustainable and responsible Bitcoin mining.” By focusing on renewable energy, Paolo implies that “every Bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network.”
Furthermore, in its announcement on 17th May, Tether said about plans for regular purchase of Bitcoin, from a part of its revenue, for its stablecoin reserves. Its new investment strategy is planned to be focused on Bitcoin.
Many may have asked themselves, “but why Uruguay?” Because after 20 years of effort, Uruguay is currently generating over 98 percent of all electricity from renewable sources, primarily wind and hydropower.
With this in mind, Tether considers Uruguay an appropriate location to set off its sustainable Bitcoin mining facilities, while also having a near net positive impact on the emissions.