Tether to Mine Bitcoin in Uruguay
MONTEVIDEO, UY – Tether announced in a press release Tuesday that it has invested in a bitcoin mining facility in Uruguay. The collaboration between Tether and an undisclosed local licensed company aims to leverage Uruguay's renewable energy capabilities for responsible Bitcoin mining.
This development follows Tether's recent plans to allocate a portion of its profits to bitcoin investments, including regular BTC purchases and funding infrastructure. Tether is holding at least $1.5 billion worth of the cryptocurrency as of the end of March.
Paolo Ardoino, Tether's Chief Technology Officer, expressed enthusiasm for the project's potential, stating, "By harnessing the power of Bitcoin and Uruguay's renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining."
Tether's USDT currently holds the distinction of being the largest stablecoin on the market, boasting a capitalization of $83 billion. By combining Uruguay's renewable energy resources with Bitcoin mining, Tether is setting an example for other players in the market.
