A spokesperson for Tether confirmed on Friday that the world's largest stablecoin, USDT, has suspended its bitcoin mining operations in Uruguay due to rising energy costs, but remains committed to long-term projects in Latin America.
The confirmation comes just weeks after Tether denied it was pulling out of Uruguay following reports of a $4.80 million debt dispute with Uruguay's state-owned electricity company UTE.
Tether has officially notified Uruguay's Ministry of Labor to suspend mining activities and lay off 30 employees, local news outlet El Observador reported on Tuesday. Tether originally announced the launch of a "sustainable bitcoin mining operation" in Uruguay in May 2023, with the goal of harnessing the country's renewable energy. According to reports, Tether had planned to invest $500 million in a mining operation in Uruguay. (Cointelegraph)
Tether suspends Uruguay bitcoin mining operations due to rising energy costs
2025-11-28 12:58:26
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