Tether – one of the largest and most popular stable currencies around – has announced plans to open a huge bitcoin mining facility in the South American region of Uruguay. The clincher? The company is going to operate the facility only using renewable energy.
Tether to Mine Bitcoin in South America
This is a big deal in that bitcoin and crypto mining operations have gotten a bad rap over the last several years on account of the high number of reports that have been produced alleging they use too much energy and are putting the planet in harm’s way. It’s alleged in these documents, for example, that many third-world or developing nations do not use the energy that bitcoin and crypto mining firms use.
This attitude has made its way into the minds of top investors like Kevin O’Leary of “Shark Tank” fame, who said a few years back that he would no longer be buying any more crypto mined in China given the nation’s track record with green energy wasn’t the best.
In addition, men like Elon Musk – the South African billionaire and entrepreneur behind companies such as SpaceX and Tesla – have also taken issue with the present mining arena. Not long ago, Musk said he would allow Tesla buyers to engage in vehicle transactions using bitcoin.
However, his decision was quickly rescinded given he was concerned about the energy use of bitcoin mining, and he wasn’t willing to change his mind unless miners became more transparent about their sources.
For this reason alone, it’s likely Tether is going to make a big mark in the industry and inspire a lot of people. Paolo Ardoino – the CTO of Tether – explained in a recent interview:
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.
Getting Its Hands on BTC
It appears Tether is trying to diversify itself a bit by adding more bitcoin units to its growing reserves. Not long ago, the stable asset company purchased more than $200 million worth of the world’s leading cryptocurrency. Ardoino was quick to chime in regarding this maneuver as well, stating:
The decision to invest in bitcoin, the world’s first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset. Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential. Its limited supply, decentralized nature, and widespread adoption have positioned bitcoin as a favored choice among institutional and retail investors alike.
Uruguay presently garners more than 90 percent of its electricity from renewable sources like hydro stations.