Make mining sustainable
Tether, which issues the US dollar stablecoin “USDT”, announced on the 30th that it will invest resources in Uruguay, South America, and work on energy production and sustainable Bitcoin (BTC) mining.
At Tether, we understand the importance of energy in driving progress & enabling thriving communities. That’s why we’re dedicated to harnessing the power of renewable energy to mine #Bitcointhe world’s most open & secure monetary network.
Learn More 👉 https://t.co/LmBQptyobi pic.twitter.com/VrG20OnE1Z
— Tether (@Tether_to) May 30, 2023
The ultimate goal is to expand business into the energy sector in the country, which is known as a “renewable energy superpower,” and lead the world in technology. Through this investment, we will focus on energy innovation and the future of crypto assets (virtual currencies).
In Uruguay, he explained that he will cooperate with “a certain company” that has a local license. According to the cryptocurrency media CoinDesk, a Tether representative said, “We plan to start operating the mining facility by the third quarter of 2023 (July to September).”
Tether invests in renewable energy to support and promote sustainable Bitcoin mining. He said he hired an energy industry expert for the project and is currently building a team.
Paolo Ardoino, the company’s Chief Technology Officer (CTO), commented on the announcement:
Harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible mining.
We are proud to be at the forefront of initiatives like this, combining cutting-edge technology with sustainability and financial innovation.
What is mining?
It refers to the work of verifying and approving virtual currency transactions that adopt proof of work (PoW) as a consensus mechanism. If you succeed in mining, you can get a reward. Mining has also been criticized because it consumes a lot of electricity to verify transactions.
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Renewable energy in Uruguay
In its announcement, Tether cited data that Uruguay is powered by 94% renewable energy. It is well known in Japan that the country is a renewable energy powerhouse. The Japan External Trade Organization (JETRO), an independent administrative agency, reported in June last year that the country was “suitable for wind and solar power generation.”
Tether said Uruguay has a large investment in energy infrastructure and a resilient power system. The company believes Uruguay is the best place for efficient and sustainable mining.
The company recorded a record net profit in the first quarter (January to March) of this year. Earlier this month, it also announced that it would use up to 15% of its net realized operating income to buy bitcoin on a regular basis.
connection: Tether “I will buy bitcoin regularly from this month”