Stablecoin giant Tether to mine bitcoin in Uruguay using renewables
Paolo Ardoino, Tether's chief technology officer, said the company estimates that the excess reserve will increase by $700 million in the current quarter, which is not yet over.
Cryptocurrency giant Tether is setting up a bitcoin mining operation in Uruguay using renewable energy, as the company looks to diversify the revenue mix to support its USDT stablecoin.
The company said Tuesday that it plans to invest its resources into renewable energy production, marking its first foray into the energy sector.
Tether is also on the hunt for "experts in the area" to support its expansion into the renewable energy space, it said. Mining bitcoin is notoriously power-intensive, relying on a distributed network of computers around the world to verify that transactions are legitimate and release new coins into circulation.
"By harnessing the power of Bitcoin and Uruguay's renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining," said Paolo Ardoino, CTO of Tether.
"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."
Earlier this month, Tether said it would shift its treasury management strategy to start investing a portion of its net profit in bitcoin.
The company committed to use up to 15% of its net profit to purchase bitcoin, mimicking similar strategies from businesses such as Tesla and MicroStrategy .
Source: CNBC
