The company behind the stablecoin with the largest market capitalization will seek to mine Bitcoin with a smaller ecological footprint, taking advantage of the country’s advanced renewable energy park.
The largest stablecoin issuer by market capitalization, Tether, chose Uruguay as a site for start your sustainable Bitcoin (BTC) mining operationswhere you will work in partnership with a licensed local company and hire staff.
Recently, the technology company behind the production of USDT —a stable cryptocurrency or stablecoin tied to the price of the dollar—announced that it would begin a new Bitcoin investment strategywith the intention of entering the business of energy production and mining of this pioneering digital currency in the field.
Within the framework of this general announcement, Tether also reported that it is ready to start sustainable mining operations in the country, in alliance with a local partner whose name has not yet been revealed. “By harnessing the power of Bitcoin and the renewable energy capacities of UruguayTether is leading the way in sustainable and responsible Bitcoin mining.” Paolo Ardoino, Tether CTO, in the official statement.
As the company pointed out, the objective is to guarantee that each BTC mined leaves a minimal ecological footprintusing renewable energies for the process that consists of deciphering an algorithm through a great computational power that, in parallel, supposes a great consumption of energy.
Invest in renewable energy to invest in Bitcoin
Tether pointed out, in turn, that will be investing in renewable energy sources in Uruguay to support and promote sustainable Bitcoin mining. Likewise, it intends to increase its work team by hiring experts from the local energy sector, so this new strategy of the cryptocurrency company also implies new jobs for uruguayans.
Among the reasons for choosing the country as the base for his new operations, he points out its abundant natural resources as well as his great progress in the renewable energy sector. In addition, it stands out that Uruguay has a robust and reliable network systemcapable of meeting the demands of modern industries.
According to Tether, Uruguay has become “a world leader in renewable energy, achieving a remarkable 94% electricity generation from renewable sources, predominantly wind and solar power.” And he insisted that the country “offers ideal conditions for the production of renewable energy, facilitating the establishment of wind farms, solar parks and hydroelectric projects, guaranteeing a constant supply of clean and environmentally friendly energy.”
Source: Ambito
