Tether confirms Uruguay Bitcoin mining exit amid high energy prices
Tether halted Bitcoin mining in Uruguay, reportedly dismissing 30 staff amid increasing energy costs and a $4.8 million debt dispute with state power firm UTE.
Tether, issuer of USDT, the world’s largest stablecoin, has halted Bitcoin mining operations in Uruguay because of rising energy costs.
“We can confirm that we have paused operations in Uruguay,” a Tether spokesperson told Cointelegraph on Friday, adding that the company remains committed to its long-term projects in Latin America.
The confirmation came weeks after Tether denied reports that it planned to exit the country following a $4.8 million debt dispute with a state-owned electricity provider in September.