Tether will mine Bitcoin in Uruguay using renewable energy as part of its effort to diversify its revenue mix for the USDT stablecoin. The company announced Tuesday that it plans to invest its resources into developing renewable energy sources. This will be the company’s first venture into the energy sector. Tether is also looking for “experts in the area” to support its expansion into renewable energy. Mining Bitcoin is notoriously power-intensive, requiring a distributed network of computers worldwide to verify legitimate transactions and release new coins. “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, CTO of Tether. “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.”
This month, Tether announced shifting its treasury management strategy to start investing in Bitcoin. A commitment has been made by the company to invest up to 15% of its net profits in Bitcoin, mimicking strategies adopted by companies such as Tesla and MicroStrategy. In contrast to Bitcoin and other cryptocurrencies, Tether, also known as the Tether token, is designed to maintain a stable value despite market fluctuations. Among stablecoins, USDT is the largest, with a circulating supply of more than $83.2 billion, according to CoinGecko. It competes with Circle’s USD Coin and Binance’s BUSD.
