{"id":15653,"date":"2023-05-30T10:08:39","date_gmt":"2023-05-30T14:08:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/tether-plans-bitcoin-mining-in-uruguay\/"},"modified":"2023-05-30T10:08:40","modified_gmt":"2023-05-30T14:08:40","slug":"tether-plans-bitcoin-mining-in-uruguay","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15653","title":{"rendered":"Tether Plans Bitcoin Mining in Uruguay"},"content":{"rendered":"
\n

Tether is launching bitcoin mining in Uruguay.\u00a0<\/p>\n

Tether, the company behind the largest stablecoin by market cap, said the move \u201cshowcases\u201d its commitment to energy innovation and the future of crypto, in an announcement on Tuesday<\/u>.\u00a0<\/p>\n

“By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining,” said Paolo Ardoino, Tether\u2019s chief technology officer. “Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network.<\/p>\n

Tether said too it would be collaborating with a \u201clocal licensed company,\u201d but didn\u2019t disclose the name.\u00a0<\/p>\n

This comes after Tether<\/u> said it plans to invest 15 percent of its net profits into bitcoin to strengthen its reserves.\u00a0<\/p>\n

Tether said it expects the move to \u201cstrengthen and diversify\u201d its reserves of its $1 pegged stablecoin, in a statement<\/u> released on May 17.<\/p>\n

Crypto mining draws some scrutiny in the US<\/h2>\n

US Sen. Edward J. Markey, D-Mass., reintroduced<\/u> a bill in March called the Crypto-Asset Environmental Transparency Act, which would require cryptomining companies to disclose their emissions\u00a0 \u201cfor operations that consume more than five megawatts of power.\u201d\u00a0<\/p>\n

\u201cThe crypto industry is growing, and so is a plume of pollution around their mining facilities,\u201d Markey said.<\/p>\n

Others say bitcoin mining can be beneficial to local communities, especially rural areas in the US.\u00a0<\/p>\n

Courtney Dentlinger, vice president of customer service and external affairs and chief customer officer for the Nebraska Public Power District, told lawmakers at a hearing in March that crypto mining can have economic benefits.\u00a0<\/p>\n

\u201cFor instance, an economic impact study performed for a crypto-mining project in Nebraska showed over a $65 million economic 3 impact on Nebraska\u2019s economy; 193 jobs generated and supported; and $5.5 million in state and local taxes and transfer payments generated,\u201d Dentlinger said.\u00a0<\/p>\n

\u201cIn rural areas, these economic benefits can be significant,\u201d Dentlinger added.\u00a0<\/p>\n

As of Tuesday morning, bitcoin\u2019s price rose a bit to almost $28,000 up from $26,000 last week, according to CoinMarketCap.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tether is launching bitcoin mining in Uruguay.\u00a0 Tether, the company behind the largest stablecoin by market cap, said the move \u201cshowcases\u201d its commitment to energy innovation and the future of crypto, in an announcement on Tuesday.\u00a0 “By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and […]<\/p>\n","protected":false},"author":1,"featured_media":15654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-15653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nTether Plans Bitcoin Mining in Uruguay | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Tether is launching bitcoin mining in Uruguay.\u00a0Tether, the company behind the largest stablecoin by market cap, said the move 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