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- Tether’s Chief Technology Officer Paolo Ardoino made the announcement on Twitter.
- The stablecoin issuer chose Uruguay as the site for its bitcoin mining operation.
Tether, the organization behind the USDT stablecoin, has revealed a significant new initiative to bolster Bitcoin, following its earlier announcement regarding the acquisition of Bitcoin using profits. Tether has now established Tether Energy in Uruguay, aiming to invest in sustainable electricity generation and Bitcoin mining.
Additionally, Tether’s Chief Technology Officer Paolo Ardoino announced on Twitter on May 30 that Tether Energy will focus on investing in and developing renewable energy projects alongside Bitcoin mining operations. Tether has also commenced Bitcoin mining in partnership with a locally licensed company.
Paolo Ardoino has stated that the company intends to utilize advanced technology, sustainable methods, and financial innovation to mine Bitcoin using renewable energy, aiming to minimize its environmental footprint.
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Banking on Renewable Energy
The stablecoin issuer recognizes the importance of energy for growth and the development of improved societies. To mine Bitcoin, the most decentralized and secure cryptocurrency globally, it will rely on renewable energy sources.
Tether is keen to expand its team and is actively looking for qualified individuals with expertise in the energy sector. Currently, there are seven job openings at the company, including site manager, IT technician, and mechanical technician.
Moreover, Tether selected Uruguay for its Bitcoin mining operations due to the country’s well-established renewable energy infrastructure.
With its abundant natural resources and favorable climate conditions, Uruguay generates approximately 94% of its electricity from renewable sources. Furthermore, Tether’s requirements for initiating Bitcoin mining operations are met by a reliable electric grid infrastructure, ensuring both efficient and sustainable operations.
