The stablecoin issuer Tether has announced plans to invest in “sustainable Bitcoin mining operations” based in Uruguay. The company will partner with a licensed company on the ground.
Uruguay generates more than 98% of its electricity from renewable sources—predominantly wind and hydropower—which makes it an attractive location for Bitcoin mining.
Tether believes that its investment in sustainable Bitcoin mining will help to reduce the environmental impact of the cryptocurrency.
Tether is also planning to hire energy experts to drive its ambitions forward. The company has launched a recruitment portal to attract talent.
It’s unclear how much Tether is planning to invest in this new venture. However, the company’s decision to invest in sustainable Bitcoin mining is a significant development. It shows that Tether is committed to reducing the environmental impact of the cryptocurrency.
Tether’s decision to invest in sustainable Bitcoin mining could also have a positive impact on the cryptocurrency market.
It could help to legitimize Bitcoin and make it more attractive to investors who are concerned about the environmental impact of the cryptocurrency.