News - Tether enters energy industry with Bitcoin mining
Uruguay gets much of its energy from renewable sources. Now Tether wants to create a sustainable Bitcoin mining infrastructure in the country.
Tether will invest in Uruguay to improve renewable energy production and establish a bitcoin mining operation. The company announced this in a press release on May 30. With this, the provider of the world's most widely used stablecoin is expanding its operations from the financial to the energy sector.
With the initiative, Tether promotes the development of a climate-friendly mining industry. "By leveraging the power of Bitcoin and Uruguay's renewable energy potential, Tether is pointing the way to sustainable and responsible ways of mining Bitcoin," Tether CTO Paolo Ardoino announced.
Uruguay gets more than 90 percent of its energy from renewable sources. Mainly through hydropower and wind power. However, the country also imports oil from abroad to meet its energy needs. A "robust and reliable" power grid and the high share of green energy makes Uruguay the "perfect location" for establishing an environmentally friendly mining operation, according to Tether.