Tether, the company behind the
Tether has constructed mining facilities and renewable energy stations in Uruguay, Paraguay, and El Salvador. The choice of these countries is strategic, as they offer abundant renewable energy resources. For instance, Uruguay generates an impressive 94% of its electricity from renewable sources, predominantly wind and solar power.
In El Salvador, Tether’s focus has been on building renewable energy stations, starting with solar and wind power, with plans to eventually transition to geothermal energy sources. Ardoino emphasized that the company’s foray into mining is driven by the need to distribute mining power across multiple jurisdictions, reducing the risk of any single region wielding excessive control.
The CEO explained the evolution of
Moreso, he further expressed that local governments in states like Kentucky and Texas have actively attracted mining firms by offering attractive tax rebates and energy deals, contributing to the United States’ emergence as a major mining hub. However, he expressed concern over the concentration of mining power and the potential risks associated with it.
A chief executive at Bitcoin mining data and research firm MinerMetrics, Jaran Mellerud, when the company announced its shift,
Tether’s venture into the mining business marks a significant shift from its primary business of issuing the USDT stablecoin, which is pegged at 1:1 to the US dollar. This move aligns with Tether’s interest in becoming one of the world’s top Bitcoin miners, as announced in November last year.
The foray into
By investing in mining facilities and renewable energy sources across multiple countries, Tether aims to promote decentralization and reduce the risk of any single jurisdiction wielding excessive control over the Bitcoin mining process. “The reason for Tether’s move into mining is decentralization,” said Ardoino.