%Cryptocurrency giant %Tether ($USDT) is establishing a %Bitcoin ($BTC) mining operation in Uruguay as it seeks to take advantage of that country’s renewable energy.
Tether said that it wants to mine Bitcoin to help diversify its revenue and support its USDT
stablecoin that is pegged to the value of the U.S. dollar.
Mining for Bitcoin remains power intensive as it utilizes a distributed network of computers to verify transactions and release new coins.
Harnessing renewable energy, notably hydro or waterpower, is viewed as one way to make Bitcoin mining more sustainable.
Earlier this year, Tether announced plans to use up to 15% of its net profits to purchase Bitcoin, mimicking the strategy of companies such as electric vehicle maker %Tesla ($TSLA).
Tether’s USDT is the largest %Stablecoin in the world with a circulating supply of more than $83 billion U.S., according to data from %CoinGecko.
Stablecoins are used by investors to move in and out of cryptocurrencies without converting money into fiat currencies.
Tether’s USDT token is backed 1-to-1 by an equivalent amount of U.S. dollar reserves.
Uruguay is viewed as a leader in renewable energy, sourcing more than 98% of its electricity from renewable sources, primarily water and wind power, according to government data.
The price of Bitcoin has risen 63% this year to trade at $27,000 U.S.