Tether To Mine Bitcoin In Uruguay
Stablecoin issuer Tether has entered the bitcoin mining and energy production space.
The corporation will launch operations in Uruguay in collaboration with an undisclosed “local licenced company,” it stated on Tuesday. Tether declined to comment on the local company’s name.
Tether announced earlier this month that it will spend up to 15% of its income in bitcoin on a monthly basis in order to bolster its reserves. Tether’s continuous bullish position on the world’s largest cryptocurrency is demonstrated by today’s announcement.
Tether chose Uruguay to mine bitcoin because the South American country has emerged as a global pioneer in renewable energy, generating 94% of its electricity from renewable sources, namely wind and solar power.
(With inputs from Shikha Singh)
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