Tether, the cryptocurrency company that launched the USDT staple, announced a $10 million investment in Layer1, a new bitcoin mining startup. Layer1 used the funds to build its own renewable energy-based mining infrastructure.
Tether CEO Paolo Ardoino said the investment meant not only a partnership with Layer1, but also a strategic move for Tether to develop effective methods to optimize its mining infrastructure and increase energy efficiency.
In addition, Tether plans to use the investment to strengthen its market position, create new products and services and expand business in a number of countries, including China, Russia and South Korea.
According to a statement from Layer1, they were able to create “the world’s first mining facility” that runs on renewable energy, making it “the cheapest and most environmentally friendly mining facility in the world.”
This Tether investment in Layer1 was another example of how major cryptocurrency companies are beginning to invest in more environmentally friendly and energy-efficient methods of mining cryptocurrencies.
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