Resume:
- Tether plans to tap into Uruguay’s renewable energy ecosystem and mine Bitcoin (BTC), crypto’s largest token by market capitalization.
- The digital payments company is looking to diversify its business after cementing USDT’s position as the top stablecoin with a supply of 83 billion tokens.
- Tether recently started buying Bitcoin with 15% of net realized profits and owns more than $1.5 billion in BTC.
Tether, the company that issues crypto’s largest stablecoin USDT, announced plans to mine Bitcoin (BTC) in Uruguay using renewable and sustainable energy.
The company’s CTO, Paolo Ardoino, said the Bitcoin mining operation in the South American region will combine “advanced technology, sustainable practices and financial innovation”. Tether’s plan is partnered with a locally regulated company that has yet to be disclosed.
Leveraging the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is at the forefront of sustainable and responsible Bitcoin mining. Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal carbon footprint while maintaining the security and integrity of the Bitcoin network.
Uruguay is a leader in the renewable energy market, generating 94% of its power supply through wind farms, solar farms and hydropower projects. USDT’s publisher believes that Uruguay offers the modern infrastructure needed to sustainably mine BTC.
Today’s decision also comes at a time when mining is more profitable due to increased activity on the BTC network boosted by memecoins and Ordinals.
Tether’s BTC Bag and Stablecoin Dominance
Tether’s Bitcoin mining plans follow the company’s announcement of buying Bitcoin for its stablecoin reserves. According to the publisher, 15% of the net realized profit goes towards the purchase of more Bitcoins. The company is also integrated with the Bitcoin Lightning payment app Strike.
The company already has more than $1.5 billion in its BTC portfolio, along with other assets such as gold and Treasury bills. This makes USDT’s issuer one of the largest corporate holders of Bitcoin, but its holdings remain far removed from MicroStrategy’s BTC coffers worth more than $4.4 billion.
USDT’s dominance over the stablecoin market is bolstered after a US banking crisis and enforcement action that shocked rivals like USDC. The Tether coin has the highest supply of stablecoins in the market with a market cap of over 83 billion tokens.
