Digital Assets: Tether To Mine Bitcoin In Uruguay Using Clean Energy

Mining bitcoin is a highly power-intensive operation, and Tether will use renewable energy to avoid emissions.

Stablecoin giant Tether has announced plans to venture into bitcoin mining using renewable energy in Uruguay. The company intends to invest its resources in renewable energy production as it seeks to diversify its revenue mix to support its USDT stablecoin.

Tether recognizes that bitcoin mining is energy-intensive, relying on a global network of computers to verify transactions and create new coins. By harnessing the power of bitcoin and Uruguay’s renewable energy capabilities, Tether aims to lead in sustainable and responsible mining practices. (CNBC)

Paolo Ardoino, the CTO of Tether, emphasized the commitment to minimize ecological impact while ensuring the security and integrity of the Bitcoin network.

Earlier this month, Tether revealed its intention to allocate up to 15% of its net profit to bitcoin investments, aligning with strategies adopted by companies like Tesla and MicroStrategy.

As the largest stablecoin in the market, with a circulating supply exceeding $83.2 billion, Tether’s USDT tokens maintain a stable value and serve as a means for traders to move between different cryptocurrencies without converting to fiat currencies.

Each USDT token is backed 1-to-1 by equivalent U.S.-denominated assets held in reserve, a measure designed to address concerns about the integrity of Tether’s token assets.

Uruguay stands out as a leader in renewable energy production, generating over 98% of its electricity from renewable sources, primarily wind and hydropower.

Tether’s move into the energy sector marks a significant step forward for the company and underscores its commitment to sustainable practices in the cryptocurrency industry.

Related Story:  Zero-Carbon Bitcoin Miner TeraWulf Deploys 50MW Nuclear Power At Nautilus Cryptomine

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Venture Capital: HUGO BOSS Invests In Sustainability-Focused Fashion Venture Fund
December 6, 2023     ESG and Sustainability, News, Venture Capital

HUGO BOSS has reinforced its commitment to sustainability by becoming the inaugural investor in Collateral Good Ventures Fashion I, a climate-centric venture capital fund aimed at expediting sustainability initiatives in…
Artificial Intelligence: xAI, The Musk-Owned AI Startup, To Raise $1B

Elon Musk’s artificial intelligence startup, xAI, aims to secure $1 billion in equity financing to compete with industry leaders such as OpenAI, Microsoft, and Google. The company, co-founded by Musk,…
Digital Assets: Bitcoin Mining Company Phoenix Group Makes Impressive Listing Debut On Abu Dhabi Securities Exchange
December 5, 2023     Digital Assets, News

Cryptocurrency mining firm Phoenix Group (ADX: PHX) has achieved a significant milestone by debuting trading on the Abu Dhabi Securities Exchange, marking one of the Middle East’s initial publicly listed…
Venture Capital: Alterra, A $30B UAE Climate Fund, To Partner With BlackRock, Brookfield, TPG
December 5, 2023     ESG and Sustainability, News, Venture Capital

Lunate Capital, based in the UAE, is partnering with global asset managers to create a $30 billion climate fund named Alterra, as announced at the COP28 summit in Dubai. Managed…