Tether, the company behind the largest stablecoin by market capitalization, said that its willingness to launch Bitcoin mining “highlights” its commitment to energy innovation and the future of cryptocurrenciesin a statement released on Tuesday.
“Harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is paving the way for sustainable and responsible Bitcoin mining,” said Paolo Ardoino, Chief Technology Officer of Tether.
“Our unwavering commitment to renewable energy ensures that every bitcoin we mine will leave a minimal ecological footprint while maintaining the security and integrity of the Bitcoin network.
Tether also said it would be working with an “approved local company”, but did not reveal the name of one. This announcement comes after Tether said it plans to invest 15% of its net profits in Bitcoin to strengthen its reserves.
In a May 17 statement, Tether said it expected the move to “strengthen and diversify” its $1 stablecoin reserves.
Cryptocurrency mining is under intense scrutiny in the US
U.S. Senator Edward J. Markey (D-Mass) in March reintroduced a bill called the Crypto-Asset Environmental Transparency Act that would require crypto mining companies to disclose their emissions “for operations that consume more than five megawatts of power. ‘energy”.
“The cryptocurrency industry is growing, and so is the pollution around their mining facilities,” Mr. Markey said.
Others claim that mining Bitcoin can benefit local communitiesespecially rural areas of the United States.
Courtney Dentlinger, the vice president of customer service and external affairs and chief customer officer for the Nebraska Public Power District, told lawmakers during a hearing in March that cryptocurrency mining could have economic benefits.
“For example, an economic impact study conducted for a crypto mining project in Nebraska showed an economic impact of $65 million on the Nebraska economy, 193 jobs generated and supported, and $5.5 million in state and local taxes and transfer payments generated,” Dentlinger said.
“In rural areas, these economic benefits can be significant,” Dentlinger added.
On Tuesday morning, the price of Bitcoin rose slightly from $26,000 last week to nearly $28,000, according to CoinMarketCap.
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