Tether, the issuer of the world’s most traded stablecoin, will invest in power generation and Bitcoin mining operations in Uruguay to tap the country’s renewable energy resources, the company said on Tuesday.
See related article: Tether more than doubles net profit in Q1, says holds most assets in U.S. Treasury bills
Fast facts
- Tether said it will partner with a local company in the expansion in the South American nation. It didn’t name the partner.
- “By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining,” Paolo Ardoino, chief technology officer of Tether, said in the statement.
- Tether has also set up a separate recruitment portal for its cryptocurrency mining workforce. Job listings on the portal show that, in addition to Uruguay, the company is hiring in Argentina and Spain.
- Earlier this month, Tether said it plans to regularly allocate up to 15% of its net realized operating profits towards purchasing Bitcoin.
- As of the end of March, Tether held about US$1.5 billion in Bitcoin, according to its first-quarter report.
See related article: Is Tether unmoored — or just dandy?
