Bitcoin mining has always raised concerns due to its potential environmental impact. Tether is seeking experts in Uruguay to support the expansion of Bitcoin mining using renewable energy.
According to the U.S. International Trade Administration (ITA), Uruguay is considered a leader in renewable energy production, supplying over 98% of its electricity from renewable sources, primarily wind and hydropower. With significant investments in energy infrastructure, Uruguay boasts a robust power grid capable of meeting the demands of modern industries. This would be the perfect foundation for Tether to begin Bitcoin mining operations.
Paolo Ardoino, Tether's Chief Technology Officer, stated that by leveraging the power of Bitcoin and Uruguay's renewable energy, Tether is leading the way in sustainable and responsible Bitcoin mining. The company ensures that every Bitcoin mined leaves a minimal "ecological footprint" while maintaining the security and integrity of the Bitcoin network, Ardoino added.
Tether announced it will change its treasury management strategy and plans to use 15% of its profits to buy Bitcoin. According to CoinGecko data, Tether's USDT is currently the largest stablecoin on the market with a circulating supply of over $83.2 billion, surpassing competitors such as USD Coin (USDC) and Binance USD (BUSD). Tether reported holding approximately $1.5 billion worth of Bitcoin as of Q1 2023.
Tether announced it will partner with a local company to expand its operations in Uruguay.
Stablecoins are used by traders to transfer into and out of various cryptocurrencies without converting them back into fiat currency. Each circulating USDT token is pegged to the price of the USD at a 1:1 ratio using Tether's reserves.
According to CNBC, Tether has repeatedly run into trouble as regulators and economists question the assets it uses to back its USDT token. Tether previously held the majority of its assets in the form of commercial paper. In 2022, the company replaced all of its commercial paper with U.S. Treasury bills.
Source link
Comment (0)