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On Tuesday (30), Tether, the company responsible for the USDT stablecoin, which holds the highest market value, announced its investment in energy production and sustainable Bitcoin mining operations in Uruguay.
This endeavor is the outcome of a partnership with a local licensed company, whose name remains undisclosed.
In this manner, Tether expands its scope from finance and communications to encompass the energy sector.
The issuer of USDT aims to become a global leader in technology, as stated in the announcement.
As part of their efforts in this domain, Tether expressed its commitment to investing in renewable energy sources to support and advance sustainable Bitcoin mining.
USDT issuer ventures into Bitcoin mining
To achieve this objective, Tether is actively seeking to enlarge its team by recruiting experts in the energy sector. According to the company, this project signifies a significant milestone:
"By leveraging the potential of Bitcoin and Uruguay's renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining," stated Paolo Ardoino, Tether's CTO. "Our steadfast dedication to renewable energy ensures that every Bitcoin we mine has a minimal ecological impact while upholding the security and integrity of the Bitcoin network."
Tether underscored Uruguay's status as a global leader in renewable energy.
With a focus on wind and solar energy, the country has reached the milestone of generating 94% of its electricity from renewable sources.
Consequently, the region provides ideal conditions for renewable energy production, facilitating the establishment of wind farms, solar parks, and hydroelectric projects.
"With its substantial investments in energy infrastructure, Uruguay possesses a robust and dependable network system capable of meeting the demands of modern industries.
This solid foundation provides the ideal platform for Tether to commence Bitcoin mining operations, ensuring efficiency and sustainability," concluded the company.
Tether and Bitcoin The Tether Bitcoin mining initiative follows the company's announcement that it will invest up to 15% of its profits in Bitcoin.
The company aims to further fortify its reserves portfolio through this new strategy.
Furthermore, the assurance report for the first quarter of 2023 revealed that the company already holds approximately $1.5 billion in BTC.
The issuer of USDT also declared its intention to retain ownership of its BTC wallet keys:
"While it is common practice for many institutional investors to entrust their Bitcoin custody to third parties, Tether adheres to the philosophy 'Not your keys, not your Bitcoin.' Therefore, it assumes possession of the private keys associated with all its Bitcoin holdings."
