Skip to main content

Tether Expands: Stablecoin Issuer Announces Sustainable Bitcoin Mining Project in Uruguay

After announcing its plan to invest 15% of profits into bitcoin, the company Tether Limited has taken another step toward its crypto goals. Tether, the stablecoin issuer, has revealed its latest venture: “sustainable bitcoin mining operations in Uruguay.” Tether has partnered with a licensed local company to make this happen, as it believes Uruguay is the ideal location for bitcoin mining production.

Tether’s Bitcoin Mining Operations Take Root in Uruguay

Tether, the issuer of the largest stablecoin in terms of market capitalization, said it is gearing up to invest in energy production resources and establish sustainable bitcoin (BTC) mining operations in Uruguay. Paolo Ardoino, the CTO of Tether, elaborated on their vision, expressing that the team behind energy production and bitcoin mining is actively seeking talented individuals to join their venture. In a recent blog post, Tether revealed that it has partnered with a local company in Uruguay to kickstart these operations.

“As part of this new venture, Tether is investing in renewable energy sources to support and promote sustainable bitcoin mining—an essential component in upholding the world’s most robust and secure monetary network,” Tether stated on Tuesday. “To accomplish this ambitious objective, Tether is actively seeking to augment its team by recruiting experts in the energy sector.”

Tether’s decision to embark on bitcoin mining operations in Uruguay comes on the heels of its recent declaration to allocate 15% of its profits to bitcoin (BTC). Tether’s stablecoin, tether (USDT), is also inching closer to surpassing its previous all-time high in market valuation as the asset is just a few hundred million away from this milestone, currently. Regarding its new undertaking, Tether emphasizes that the majority, or 94%, of Uruguay’s energy production, is derived from renewable sources.

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

What are your thoughts on Tether’s approach to combining renewable energy and bitcoin mining in Uruguay? Share your insights and opinions in the comments section below.



from Bitcoin News https://ift.tt/JBITNij
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more