Tether to Start Bitcoin Mining in Uruguay

The largest stablecoin in the world Tether [USDT] has been making quite some noise following its inclination towards Bitcoin [BTC]. Recently, the stablecoin issuer revealed its $1.5 billion BTC reserve. Alongside, the network announced that it would allocate up to 15% of its profits towards purchasing the king coin. Now, in another BTC-friendly move Tether revealed that it would start Bitcoin mining operations in Uruguay.

In a recent announcement, the stablecoin issuer confirmed a partnership with a local licensed company. However, the specific name of the firm was not disclosed. Paolo Ardoino, CTO of Tether, elaborated on this partnership and said,

“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.”

Why is Tether choosing Uruguay?

The Bitcoin mining industry witnessed a major setback throughout 2022. Tether’s latest interest comes as this sector has just started to recover. But why did the stablecoin issuer decide to choose Uruguay?

Tether cited Uruguay’s emergence as a global leader in renewable energy as the key reason behind choosing the country for Bitcoin mining operations. Uruguay has made remarkable strides in achieving a significant portion of its electricity generation from renewable sources, with an impressive 94% coming from wind and solar power. This abundance of renewable energy makes Uruguay an attractive location for Bitcoin mining. It further aligned with the goal of conducting mining operations using sustainable and environmentally friendly energy sources. Tether added,

“With its substantial investments in energy infrastructure, Uruguay boasts a robust and reliable grid system capable of meeting the demands of modern industries. This solid foundation provides the perfect platform for Tether to begin Bitcoin mining operations, ensuring efficient and sustainable operations.”

  • bitcoin
  • crypto
  • cryptocurrency
  • Tether
  • USDT

Comments

Post a Comment

Popular posts from this blog

Footwear conglomerate Puma launches 3D Web3 experience

The experience is designed for everyone, but Puma Pass holders gain access to exclusive perks. On June 13, German footwear conglomerate Puma launched its 3D metaverse experience , Black Station. As told by developers, Black Station is an “experiential home” for product drops built to provide “unbridled access” for Puma Pass nonfungible token (NFT) holders. The firm says that the experience is for everyone to explore, but only those possessing RB tokens airdropped to Puma Pass holders can purchase a digital "Rulebreaker” sneaker and claim two digital wearables. At the time of publication, RB tokens currently have a price tag of 0.0125 Ether (ETH). Developers wrote: “If you do not own an RB token there is still so much to explore. Unkai, our city in the clouds, and Unter, our exhilarating club below, both are filled with mysteries to explore and collect." Holders of the RB token can burn it from June 13-20 on Black Station, granting their parent wallet access to various pro...
Read more

Massive victory for Bitcoin bulls if this critical level holds

Image
Despite the current slowdown, Bitcoin (BTC) has recently crossed the $35,000 level for the second time in a week and remains in the upper $34,700’s, with nearly 80% of its holders presently in profit and the cryptocurrency sector waiting with bated breath to see what happens next. As it happens, over 78% of Bitcoin holders are making money at the flagship decentralized finance (DeFi) asset’s current price, as opposed to 17% in loss, according to the information shared by the blockchain and cryptocurrency analytics platform IntoTheBlock in an X post published on November 6. Bitcoin holders in profit at current price. Source: IntoTheBlock Furthermore, 1.94 million addresses have previously bought 778,859 BTC at a minimum price of $34,111.17 and a maximum price of $35,122.37, which makes the average of $34,650 a critical support level that the maiden crypto needs to hold for bulls to have “a massive victory ,” as the analysts observed. Bitcoin holders in/out of the money around p...
Read more

Binance and CZ file motion to dismiss CFTC’s lawsuit

Image
Binance, its CEO Changpeng Zhao (CZ), and the company’s former compliance chief Samuel Lim seek to dismiss the complaint filed by the US CFTC. On March 27, 2023, the Commodity Futures Trading Commission took legal action against Binance for violating the Commodity Exchange Act and offering futures trades without registering as a futures commission merchant (FCM). You might also like: US CFTC takes legal action against Binance, crypto markets fall Moreover, according to the motion , the defendants seek to file two separate motion s to dismiss CFTC’s lawsuit . Binance and CZ file a joint motion while Lim goes independent. The defendants requested the court to allow them to respond with a 50-page motion while currently limited to only 15 pages. Per the document, the defendants’ response against the CFTC needs to be submitted by July 27 to the US District Court for the Northern District of Illinois. Last month, the US Securities and Exchange Commission (SEC) sued Binan...
Read more