According to news from Coinworld, a spokesperson for Tether confirmed on Friday that due to rising energy costs, Tether, the issuer of the world's largest stablecoin USDT, 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. Earlier reports indicated that Tether had a $4.8 million debt dispute with Uruguay's state-owned electricity company UTE. According to local news agency El Observador, Tether has officially notified the Uruguayan Ministry of Labor of the suspension of mining activities and has laid off 30 employees. Tether initially announced the launch of its “sustainable Bitcoin mining operations” in Uruguay in May 2023, aiming to utilize the country's renewable energy. Tether had originally planned to invest $500 million in mining operations in Uruguay. (Cointelegraph)
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Tether pauses Bitcoin mining operations in Uruguay due to rising energy costs.
According to news from Coinworld, a spokesperson for Tether confirmed on Friday that due to rising energy costs, Tether, the issuer of the world's largest stablecoin USDT, 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. Earlier reports indicated that Tether had a $4.8 million debt dispute with Uruguay's state-owned electricity company UTE. According to local news agency El Observador, Tether has officially notified the Uruguayan Ministry of Labor of the suspension of mining activities and has laid off 30 employees. Tether initially announced the launch of its “sustainable Bitcoin mining operations” in Uruguay in May 2023, aiming to utilize the country's renewable energy. Tether had originally planned to invest $500 million in mining operations in Uruguay. (Cointelegraph)