Tether Halts Bitcoin Mining in Uruguay Amid Rising Energy Costs

According to Odaily, Tether, the issuer of the world's largest stablecoin USDT, has confirmed the suspension of its Bitcoin mining operations in Uruguay due to increasing energy costs. Despite this pause, Tether remains committed to its long-term projects in Latin America. This confirmation comes just weeks after Tether denied reports of withdrawing from Uruguay. Earlier reports indicated a $4.8 million debt dispute between Tether and Uruguay's state-owned power company, UTE. Local news outlet El Observador reported on Tuesday that Tether has officially informed Uruguay's Ministry of Labor about the suspension of mining activities and the dismissal of 30 employees. Tether initially announced its "sustainable Bitcoin mining business" in Uruguay in May 2023, aiming to leverage the country's renewable energy resources. The company had reportedly planned to invest $500 million in the mining venture.