Tether becomes bitcoin – Does the issuing company of the USDT stablecoin would become a maximalist Bitcoin (BTC)? In any case, Tether will have multiplied the proofs of interest for the king of cryptos in this month of May 2023. After announcing that the company would invest 15% of its net profits in Bitcoinwe learn that it is also diversifying into mining of BTC. The crypto-company will even build its own sustainable energy structures by Uruguay.
Tether bets on BTC mining via renewable energies
The year 2023 is shaping up to be a good vintage for the moment Tether. Indeed, its US dollar stablecoin, theUSDTis the only one who manages to maintain himself, and even to progress, withina moribund stablecoin market these last months.
But the company doesn’t seem to want to rely solely on its USDT stablecoin anymore. Tether obviously wants take a bet on bitcoin. In any case, this is what a press release from the company once again reveals on May 30, 2023. Tether announces that it will produce bitcoins in Uruguaythrough its own facilities sustainable crypto mining.
“At Tether, we understand the importance of energy in driving progress and enabling thriving communities. That’s why we’re committed to harnessing the power of renewable energy to mine Bitcoin, the world’s most open and secure monetary network. »
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USDT issuer recruits to develop Bitcoin in Uruguay
This new activity, soberly called “Tether Energy”therefore also has an aspect of construction renewable energy infrastructure. The crypto company will invest in these green energy sources in partnership with a “approved local business”.
Uruguay has indeed proven to be a country leader around the world in renewable energy. This is how 94% of its electricity production, which comes from sustainable sources (wind and solar in particular). Tether also announces a wave of recruitmentsas the company seeks to strengthen its team with “energy sector experts”.
“Harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is paving the way for sustainable and responsible Bitcoin mining. (…) Our unwavering commitment to renewable energy ensures that every bitcoin we mine leaves a minimal ecological footprint, while maintaining the security and integrity of the Bitcoin network. Tether is proud to be spearheading a movement that combines advanced technology, sustainable practices and financial innovation. »
Paolo Ardoino, Technical Director (CTO) of Tether
Earlier this month, Tether revealed that it had enough confidence in Bitcoin to hold onto a small portion of its collateral reserves in bitcoins in order to ensure the stability of its USDT (which still represents 1.5 billion of dollars in BTC). Between the 15% share of investment of its profits in the king of crypto-assets, and this new green mining activity, Tether is clearly hanging up his destiny to that of Bitcoin.
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