Tether, the largest stablecoin issuer globally, has announced it is entering the Bitcoin mining and energy production space. In partnership with an unnamed “local licensed company” based in Uruguay, operations will begin immediately.
The last bull run in Bitcoin spurred Tether to strengthen its reserves, investing up to 15% of its profits into the world’s largest cryptocurrency.
Uruguay was chosen as a host for the new business due to its 94% electricity generation from renewable sources.
Tether confirmed the South American country is the ideal place for establishing wind farms, solar parks, and hydropower projects, creating a consistent supply of clean and environmentally friendly energy.