Tether Doubles Down on Bitcoin: Mining Operations in Uruguay in the Works
Tether plans to mine its first bitcoin in the Uruguay facility by mid-Q3 2023
Jiap/Shutterstock.com modified by Blockworks
Tether is doubling down on its Bitcoin strategy by launching a mining operation in Uruguay set to be operational by the middle of the third quarter in 2023, Tether told Blockworks Tuesday.
Just last week, Tether said it would be purchasing a lot more bitcoin, which it will custody itself.
The USDT issuer told Blockworks that this endeavor will be the company’s first time mining bitcoin. Tether added in a statement that it’s actively looking to hire energy experts to help support the South American-based mining initiative. Some of the positions based in Montevideo, Uruguay, that Tether listed include an IT technician, a site manager, an electrician and a mechanical technician.
Tether has selected Uruguay as its destination for a bitcoin mining facility because of the country’s high percentage of renewable electricity generation, chiefly wind and hydropower, according to the International Trade Administration.
The ITA further posits that Uruguay “currently generates over 98 percent of all electricity from renewable sources” as of September 2022.
Tether Chief Technology Officer Paolo Ardoino pointed to Uruguay’s “renewable energy capabilities” and said Tether is committed to sustainability.
“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,” Ardoino said in a statement.
Similar to Tether, Bitdeer launched a $500 million fundraising effort in early May along with Bhutan’s government to pay for a carbon-free mining operation in the South Asian country.
This move from Tether comes as its stablecoin continues to exercise dominance, with USDT capturing over 64% of the stablecoin market share, according to data from Blockworks Research.
Updated May 30, 2023 at 12:19 pm ET: Tether provided new details about when the Uruguay mining facility will be operational and general information about its mining business.
Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.
Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.
Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.
The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
