USDT stablecoin issuer Tether has announced its foray into Bitcoin mining and plans to set up Bitcoin mining operations in Uruguay using renewable energy.
The announcement comes on the heels of the stablecoin issuer stating that it would begin to purchase Bitcoin at regular intervals using its profits.
Tether’s Foray Into Mining
The company announced that it would soon begin mining operations in the country and has entered into a partnership with a local licensed company. However, Tether has not shared the name or any other details regarding the local entity. The news about the company’s entry into the mining space comes soon after it announced that it would invest around 15% of its profits into purchasing Bitcoin in an effort to strengthen its reserves, similar to strategies adopted by Tesla and MicroStrategy. The announcement also indicates that Tether is bullish about the prospects of the world’s largest cryptocurrency. CTO of Tether Paolo Ardonio stated in the announcem
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