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Tether will invest in the project through a partnership with a local licensed company.
Uruguay generates 94% of electricity from renewable energy sources
Tether recently said it would invest profits into buying Bitcoin.
Tether, the issuer of leading stablecoin USDT, has revealed an investment into renewable energy production to support sustainable Bitcoin (BTC) mining in Uruguay.
This is the latest Tether news, in which the USDT issuer said it was looking to add to its team for this project by hiring experts from within the energy sector, according to details in the announcement.
Eyeing sustainable and responsible Bitcoin mining
As announced on Tuesday, the Bitcoin mining initiative will see Tether collaborate with a locally licensed company and involve putting money into resources aimed at increasing the use of green energy to mine BTC.
“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, the Tether CTO.
Uruguay ranks among the world’s leading renewable energy producers, with about 94% of its electricity generated from renewable sources. This is mainly from wind and solar power and Tether notes it is the ideal location for the establishment of solar parks, wind farms and hydro-power projects.
A reliable supply of clean, renewable energy will be critical to ensuring BTC mining has the least possible ecological footprint, Ardoino added.
“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,” he stated.
Tether’s latest BTC related investment comes just days after the company announced that it would plough back 15% of net profits into buying Bitcoin. The move is part of the USDT issuer’s strategy of further strengthening its reserves, a key part of the company’s business.
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