The issuer of the world's most popular USD-pegged stablecoin, USDT, shares the details of its unusual investing program. Starting from May 2023, Tether ecosystem will fuel energy production and Bitcoin (BTC) mining operations in Uruguay.
Tether (USDT) invests in sustainable crypto mining in Uruguay
According to the official announcement shared by Tether Limited, it is beginning to invest in Bitcoin (BTC) mining operations. Uruguay was chosen as the first country in Tether's ambitious program. The exact amount of the investment is yet to be disclosed.
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 #Bitcoin, the world's most open & secure monetary network.— Tether (@Tether_to) May 30, 2023
Learn More 👉 https://t.co/LmBQptyobi pic.twitter.com/VrG20OnE1Z
Tether will keep its focus on sustainable Bitcoin (BTC) mining with minimal environmental footprint. Namely, in its Uruguay venue, Tether is going to support renewable energy sources. The program goes live as a part of collaboration with a local licensed company, the statement goes.
Paolo Ardoino, CTO of Tether, stressed the importance of this launch for the roadmap of Tether (USDT) and for the health of the global Bitcoin (BTC) mining segment:
By harnessing the power of Bitcoin and Uruguay's renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining. 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. Tether is proud to spearhead a movement that combines cutting-edge technology, sustainable practices, and financial innovation.
As of 2023, Uruguay is among the leaders of "green energy" as it generates 94% of electricity from renewable sources - largely wind and solar power.
Tether (USDT) seeking energy experts to get the most out of mining
To bootstrap the progress of the new initiative, Tether (USDT) is actively seeking experts who are able to optimize its Bitcoin (BTC) mining operations in Uruguay.
On a purpose-made website, the positions of recruitment specialists, electricians, technicians and site managers are available. Besides Uruguay, the team is seeking experts in Spain and Argentina.
Following the announcement, the Bitcoin (BTC) price briefly spiked to almost $28,000 but then came back to $27,800 again on major spot trading platforms.