Tether Abandons Uruguay Mining, Citing Energy Costs

Tether, the stablecoin issuer, is shutting down its bitcoin mining operations in Uruguay, laying off most of its local staff due to unresolved energy tariff disputes. The company had initially planned to invest up to $500 million, including building data centers and a renewable energy park, but these plans have been scrapped. Tether has spent over $100 million on these projects and committed an additional $50 million to infrastructure for UTE, but the high energy prices and regulatory challenges led to the decision to withdraw.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.