Tether to Start Mining Bitcoin in Uruguay
Tether to Start Mining Bitcoin in Uruguay
Tether, the issuer of the largest stablecoin in the market, USDT, has announced its entry into the energy sector with a focus on renewable energy production for Bitcoin mining. The company said it will launch a Bitcoin mining arm in Uruguay, a country that generates 94% of its electricity from renewable sources such as wind and solar. On top of that, the stablecoin issuer said it will also invest in Uruguay's energy production industry and hire more team members to support its expansion.
The move is part of Tether's treasury management strategy, which involves investing up to 15% of its net profit in Bitcoin. Previously, Tether revealed it held about $1.5 billion in Bitcoin, which accounts for around 2% of its total reserves. Tether said it aims to minimize the environmental impact of Bitcoin mining through the use of renewable energy sources, while also adding to the security of the Bitcoin network.
