Key Points

  • Stablecoin company, Tether, said on May 20, 2023, that it would commit its resources to mining Bitcoin in Uruguay using renewable energy.
  • As Bitcoin halvings increase, Bitcoin’s mining hash rate is rising, necessitating more innovative ways of accessing electrical power as concerns are rising due to its high consumption levels.
  • Stablecoin Company Tether is shifting toward diversifying its treasury management strategy by investing some of its net profit in Bitcoin.

Tether to do more than minting USDT; Bitcoin in mind

Tether, the world’s largest stablecoin company, has revealed that it seeks to diversify its treasury investment strategy by investing part of its profits in Bitcoin. The company is now moving to mine Bitcoin in Uruguay using renewable energy.

The company revealed this plan on May 30, 2023, marking its first foray into the green energy sector. It added that it is also searching for experts in the new venture to support its expansion in the green energy space. Bitcoin’s rising hashing figures require even more energy to secure the network and mint new coins, which necessitates the innovation of more solutions like green energy.

“By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining,” said 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.”

In early May 2023, Tether revealed that it plans to invest some of its profits in Bitcoin. The company committed to investing up to 15% of its net profit in Bitcoin, mimicking strategies from other international companies like Elon Musk’s Tesla and Michael Saylor’s Microstrategy.

Tether is now eyeing to establish its Bitcoin mining plants in Uruguay, one of the prominent leaders in renewable energy production, sourcing over 98% of its electricity output from green energy sources. This development creates a positive image for the company and Bitcoin, as influential people in the crypto industry have asked crypto miners to consider energy sources with lower carbon prints. 

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