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Tether pauses Bitcoin mining operations in Uruguay due to rising energy costs.
Odaily News Tether's spokesperson confirmed on Friday that due to rising energy costs, the world's largest stablecoin issuer Tether has suspended its Bitcoin mining operations in Uruguay, but remains committed to long-term projects in Latin America. This confirmation from Tether comes just weeks after it denied reports of exiting Uruguay. Previously, there were reports of a $4.8 million debt dispute between Tether and Uruguay's state-owned electricity company UTE. According to local news agency El Observador on Tuesday, Tether has officially notified the Uruguayan Ministry of Labor, suspended mining activities, and laid off 30 employees. Tether initially announced in May 2023 the launch of a “sustainable Bitcoin mining operation” in Uruguay, aiming to utilize the country's renewable energy. Tether was reportedly planning to invest $500 million in mining operations in Uruguay. (Cointelegraph)