Tether Enters Bitcoin Mining in Uruguay with Renewables Investment

Tether Enters Bitcoin Mining in Uruguay with Renewables Investment

Tether, the stablecoin issuer, has disclosed its investment in renewable energy for sustainable Bitcoin mining in Uruguay through a partnership with a licensed local company. The move reflects the industry’s growing trend towards eco-friendly practices.

 

Tether is now in search of energy sector experts to join its team, aiming to bridge the gap between energy and cryptocurrency for sustainable practices. The project highlights the collaborative potential of these sectors in driving environmental responsibility.

The company values Uruguay’s renewable energy potential, with 94% of electricity sourced from renewables, including wind, solar, and potentially hydropower. Tether is also exploring expansion opportunities in South Africa and Brazil, as revealed by job listings on its website.

Tether plans to use up to 15% of profits for Bitcoin purchases while holding most of its reserves in cash, cash equivalents, and US Treasury bills. As of Q1 2023, Tether has about $1.5 billion worth of Bitcoin, which represents 2% of its total reserves.

The company’s diversification into renewable energy and sustainable Bitcoin mining signifies its commitment to environmental responsibility while aligning with the industry’s growing trend towards eco-friendly practices, positioning itself as a forward-thinking player in the cryptocurrency space.

Compiled by Coinbold