Tether, the creator of the widely favored stablecoin USDT, has publicized its intentions to channel investments into renewable energy production and commence Bitcoin mining in Uruguay, partnering with a locally authorized company.
With this move, Tether aims to broaden its influence across various sectors - from finance and communications to energy. The company's objective is ambitious - to become a world technology leader. Its recent investments, particularly in renewable energy, and collaboration with a Uruguayan company to construct mining farms underscore Tether's commitment to eco-friendly mining and its faith in Bitcoin's promising future. To realize this ambitious objective, Tether is planning to grow its team by recruiting experts from 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," stated Paolo Ardoino, CTO of Tether. "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.
Source: tether.to
Why has Tether chosen Uruguay?
Over the past few years, Uruguay has emerged as a world leader in renewable energy, achieving a remarkable milestone - 94% of its electricity production is derived from renewable sources, mainly wind and solar energy. Blessed with abundant natural resources, Uruguay provides the perfect conditions for local and international companies to generate renewable energy, thereby fostering the establishment of wind and solar power plants as well as hydroelectric power stations.
Thanks to its substantial investments in renewable energy, Uruguay has been able to construct modern, dependable infrastructure capable of meeting the needs of investors, innovative industries, and manufacturing.
Thus, Tether's choice appears evident. The company needs to guarantee efficient and uninterrupted operation of its Bitcoin mining farms, and Uruguay presents the ideal conditions for this purpose.
Tether Energy
Source: tether.to
The new sphere of Energy & Mining will be undertaken by Tether Energy. An active search and recruitment of a variety of professionals, from electrical engineers to IT specialists, are currently taking place in Montevideo, Uruguay's capital. Hence, apart from investments, Tether is also creating new job opportunities, which is warmly welcomed by the Uruguayan government and seen as an assurance for establishing a strong platform for mutually beneficial cooperation.
Bitcoin Takes Top Priority for Tether
In the aftermath of several disputes throughout 2021 and 2022, during which Tether faced legal scrutiny from prosecutors and the U.S. Commodity Futures Trading Commission (CFTC) over opaque reserve structures, and incurred multimillion-dollar penalties, the company has decided to revise its investment strategy.
Starting from May 2023, Tether plans to consistently allocate up to 15% of its net operational profits to purchase Bitcoins. This approach is designed to diversify and reform the composition of their reserve portfolio, with a gradual increase in liquid assets with low risk characteristics.
The strategy of environmentally-friendly Bitcoin mining in Uruguay aligns perfectly with Tether's new investment plans and serves to fortify its position, especially in the face of regulatory pressures.
