The main goal is to promote environmentally friendly crypto asset mining and increase the reliability of the Bitcoin network

​Tether will invest in energy production and bitcoin mining

30.05.2023 - 15:00


2 min

What’s new? On May 30, Tether, the issuer of the USDT stablecoin, announced investments in power production and the launch of a bitcoin mining project in Uruguay in collaboration with a local licensed company. Tether’s goal is to become a global technology leader supporting innovation in energy and cryptocurrency development. The new project is designed to promote sustainable BTC mining, which is “an essential component in upholding the world’s most robust and secure monetary network,” the company said.

News on the company’s website

Tether is the largest issuer of stablecoins in the crypto market. Centralized USDT, which is pegged to the US dollar, as of May 30, ranks third in the overall cryptocurrency ranking with a capitalization of $83,18 billion.

Details about the initiative. The company will expand its staff by hiring energy experts to implement the project. According to Tether CTO Paolo Ardoino, the company “is proud to spearhead a movement that combines cutting-edge technology, sustainable practices, and financial innovation.” And Tether’s commitment to renewable energy “ensures that every Bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network.”

Tether chose Uruguay for its initiative because the country is among the leaders in renewable energy. About 94% of the country’s total resource production comes from wind and solar energy. In addition, significant investments have allowed the country to build a reliable energy system capable of meeting the needs of modern industry. “This solid foundation provides the perfect platform for Tether to begin Bitcoin mining operations,” the company’s website says.

Earlier, Tether launched educational blockchain courses at Georgia’s Business and Technology University (BTU). The program is aimed at developing skills in the rapidly developing areas of the digital economy.

In addition, starting this month, the company will start regularly allocating up to 15% of its realized net operating profits to the purchase of BTC to strengthen and diversify its reserves. In the first quarter of this year, the company’s profit amounted to just under $1,5 billion.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy