Tether, the company behind the well-known stablecoin, has announced its expansion into the renewable energy sector and sustainable Bitcoin mining in Uruguay. This move marks a significant diversification of Tether’s operations, extending beyond its traditional financial and communications activities.
Tether is planning to invest in renewable energy sources to support Bitcoin mining operations in partnership with a licensed local company. This initiative aligns with the growing trend in the cryptocurrency industry to adopt more sustainable practices.
As part of this new venture, Tether is looking to recruit experts from the energy sector to join its team. The project aims to integrate the fields of energy and cryptocurrency, demonstrating the potential for these sectors to work together toward more sustainable practices.
Paolo Ardoino, CTO of Tether, has expressed the company’s commitment to sustainability, stating that Tether aims to minimize the ecological impact of Bitcoin mining by leveraging renewable energy sources available in Uruguay:
“By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining. 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.“
Uruguay is known for its commitment to renewable energy, with 94% of its electricity generated from renewable sources, primarily wind, and solar power. The country’s significant investments in renewable energy infrastructure have resulted in a reliable grid system that can support the energy demands of modern industries.