Controversial Stablecoin Issuer Tether Plans to Start Mining Bitcoin
Tether plans to invest in "sustainable Bitcoin mining operations" in Uruguay, partnering with a licensed company and hiring energy experts. With over 98% of its electricity generated from renewable sources, Tether sees an opportunity to adopt a greener approach to mining Bitcoin. Tether has not disclosed the name of its partner or the amount it plans to invest. Despite concerns about Tether's reserves, the company has announced it will use up to 15% of its monthly net realized operating profits to build a BTC warchest to "strengthen and diversify" its reserves.