Tether suspends Bitcoin mining operations in Uruguay due to rising energy costs

ChainCatcher reported that a spokesperson for Tether confirmed on Friday that, due to rising energy costs, Tether, the world's largest stablecoin USDT issuer, 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 withdrawing from Uruguay. Previously, there were reports that Tether was involved in a $4.8 million debt dispute with Uruguay's state-owned electric company UTE. According to local news agency El Observador on Tuesday, Tether has officially notified the Uruguayan Ministry of Labor that it has suspended mining activities and laid off 30 employees. Tether initially announced in May 2023 that it would launch a "sustainable bitcoin mining operation" in Uruguay, aiming to utilize the country's renewable energy. Reportedly, Tether originally planned to invest $500 million in mining operations in Uruguay.