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

A spokesperson for Tether confirmed on Friday that due to rising energy costs, Tether, the world's largest stablecoin issuer of 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. Previously, it was reported that Tether had a $4.8 million debt dispute with Uruguay's state-owned power company UTE. According to local news agency El Observador on Tuesday, 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 was reportedly planning to invest $500 million in mining operations in Uruguay.