Bitcoin mining has always raised concerns about its environmental impact. Tether is looking for experts in Uruguay to support the expansion of Bitcoin mining using renewable energy.
According to the US International Trade Administration (ITA), Uruguay is considered a leader in renewable energy production, providing over 98% of its electricity from renewable energy, mainly wind and hydropower. With significant investments in energy infrastructure, Uruguay has a robust power grid capable of meeting the needs of modern industries. This would be the perfect platform for Tether to start its Bitcoin mining operations.
By harnessing the power of Bitcoin and Uruguay’s renewable energy, Tether is leading the way in responsible and sustainable Bitcoin mining, said Paolo Ardoino, chief technology officer at Tether. The company ensures that every Bitcoin mined leaves a minimal “ecological footprint” while maintaining the security and integrity of the Bitcoin network, Ardoino added.
Tether said it would change its treasury management strategy and plans to use 15% of its profits to buy Bitcoin. According to CoinGecko data, Tether's USDT is currently the largest stablecoin on the market with a circulating supply of over $83.2 billion, surpassing competitors such as USD Coin (USDC) and Binance USD (BUSD). Tether reported holding about $1.5 billion worth of Bitcoin as of Q1 2023.
Tether Says It Will Partner With a Local Company to Expand Development in Uruguay
Stablecoins are used by traders to move in and out of different cryptocurrencies without converting back to fiat. Each USDT token in circulation is pegged to the price of the USD at a 1:1 ratio using Tether's reserves.
Tether has repeatedly run into trouble as regulators and economists have questioned the assets the company uses to back its USDT tokens, according to CNBC. Tether previously held most of its assets in commercial paper. In 2022, the company replaced all of its commercial paper with U.S. Treasury bills.
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