Tether, the issuer of the leading stablecoin USDT, recently announced an investment into renewable energy production to support sustainable Bitcoin (BTC) mining in Uruguay. This project involves working with a local licensed company and investing in resources that increase the use of green energy for BTC mining.
Paolo Ardoino, Tether CTO, said, “By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining”.
Uruguay is one of the world’s leading renewable energy producers, generating 94% of its electricity from renewable sources such as wind and solar power. This makes it the ideal location for the establishment of solar parks, wind farms, and hydro-power projects. A reliable supply of clean, renewable energy is essential to ensure BTC mining has a minimal ecological footprint, Ardoino noted. He continued, “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”.
This latest BTC related investment comes shortly after Tether announced that it would invest 15% of its net profits into buying Bitcoin. This move is part of the USDT issuer’s strategy to strengthen its reserves, which is a key part of the company’s business.