While the exact investment amount and partner company details were not disclosed in the release, Tether confirmed its collaboration with a local licensed company and expressed its commitment to hiring local talent.



The anticipated launch of the mining facility is set for the middle of the third quarter of this year, as Tether continues to expand its involvement in the Bitcoin ecosystem. Earlier in the month, the company had outlined its intentions to invest a portion of its profits in Bitcoin, including regular BTC purchases and supporting related infrastructure.



Moreover, Tether shared that it had already acquired approximately $1.5 billion worth of bitcoins by the end of March, further solidifying its commitment to cryptocurrency.



Uruguay was chosen as the location for Tether's Bitcoin mining venture due to the country's impressive percentage of sustainable electricity generation, predominantly driven by wind and hydropower. Paolo Ardoino, Chief Technology Officer of Tether, emphasized Uruguay's renewable energy capabilities and underlined Tether's dedication to promoting sustainability in its operations.



Tether's decision represents a major step toward more environmentally friendly and sustainable crypto sector operations. As the mining facility takes shape, it is expected to contribute to the overall goal of reducing the carbon footprint associated with Bitcoin mining, highlighting the potential for a more environmentally conscious approach to digital asset creation.

Tether, the company behind the popular stablecoin USDT, made a significant announcement on May 30th regarding its investment in a Bitcoin mining facility in Uruguay. Through a press release, Tether revealed its plans to establish a mining operation that would prioritize sustainable practices and self-generated electricity.

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Mon Jul 03 2023 Green Crypto Revolution: Tether Spearheads Sustainable Bitcoin Mining In Uruguay

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Mon Jul 03 2023

Green Crypto Revolution: Tether Spearheads Sustainable Bitcoin Mining In Uruguay