Tether Mining Operations in Uruguay inaugurated

By mid-Q3 2023, Tether intends to mine its first bitcoin in the Uruguayan plant. By starting a mining facility in Uruguay that will be operational by the middle of the third quarter of 2023, Tether is doubling down on its Bitcoin plan, the company said to Blockworks on Tuesday.

Tether just announced that it would be buying a significant amount more bitcoin, which it will custody itself.  The USDT issuer informed Blockworks that this project would be the business’s first attempt at bitcoin mining. In a statement, Tether also said that it is actively seeking to hire energy specialists to assist with the South American mining endeavour.

Tether featured a variety of jobs, some of which were headquartered in Montevideo, Uruguay, such as an IT technician, a site manager, an electrician, and a mechanical technician. According to the International Trade Administration, Tether chose Uruguay as the location for its bitcoin mining operation due to the nation’s high proportion of renewable electricity generation, primarily wind and hydropower.

The ITA further asserts that as of September 2022, Uruguay “currently generates over 98 percent of all electricity from renewable sources.”  The “renewable energy capabilities” of Uruguay were mentioned by Tether Chief Technology Officer Paolo Ardoino, who also emphasised Tether’s commitment to sustainability.