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Stablecoin issuer Tether has announced that it is launching Bitcoin mining operations in Uruguay.
In a May 30 announcement, Tether said it plans to open a mining arm in the South American country “in cooperation with a local licensed company” in addition to its energy generation investment in Uruguay. The stablecoin issuer said the venture will be using renewable energy, aiming at “sustainable” Bitcoin (BTC) mining, and planned to hire additional team members.
“By leveraging the power of Bitcoin and Uruguay’s renewable energy, Tether is leading the way in sustainable and responsible Bitcoin mining,” said Tether CTO Paolo Ardoino. “Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal environmental footprint, 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 #Bitcointhe world’s most open & secure monetary network.
Learn More https://t.co/LmBQptyobi pic.twitter.com/VrG20OnE1Z
— Tether (@tether_to) May 30, 2023
Tether cited Uruguay’s ability to generate 94% of its electricity from renewable sources, including wind, solar and possibly hydroelectricity, and its robust grid. Job listings on its website at the time of publication also suggested expansion to South Africa and Brazil.
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The mining announcement follows Tether saying it plans to “regularly allocate up to 15%” of its profits to buying BTC. The stablecoin issuer revealed that as of the first quarter of 2023, it had about $1.5 billion in bitcoin — 2% of its total reserves. Tether kept most of its holdings in cash, cash equivalents, and US Treasury bills.