Key Points

• Tether has partnered with a local company in Uruguay to launch a Bitcoin mining operations
• This comes weeks after Tether announced that it is buying Bitcoin to strengthen reserves

Ladies and Gentlemen of ParadiseClub, subsequently,  Tether will no longer be called the USDT issuer only but also a Bitcoin mining company after its announcement of the commencement of Bitcoin mining operations in Uruguay.

Tether Ventures into Bitcoin Mining Operations

The issuer of USDT, the largest stablecoin in the crypto market, has announced a collaboration with an Uruguay-licensed company to launch Bitcoin mining operations in the country.

The move was disclosed in a Tuesday blog post by Tether, and with this, Tether will go beyond just finance and communications and expand its operations to the energy sector.

For the sustainability of the operations, the company will invest in renewable energy sources and also recruit experts in the energy sector.

“By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining,” Paolo Ardoino, CTO of Tether, noted. “Our unwavering 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 is proud to spearhead a movement that combines cutting-edge technology, sustainable practices, and financial innovation,” he added.

When it comes to generating electricity from renewable sources, Uruguay remains a leading country amongst the countries of the world; the country offers ideal conditions for the production of renewable energy as it invests substantially in energy infrastructure; no wonder it is the country of choice for Tether.

Tether’s venture into Bitcoin mining operations came weeks after the company announced that it would continue to buy Bitcoin with 15% net realized profit to strengthen reserves; already, the company is holding roughly $1.5 billion in Bitcoin in its reserve, this is part of the company’s attempt to ensure reserves are diversified.

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