Tether Ceases Mining Operations in Uruguay Amid High Energy Costs
- Tether is winding down its mining operations in Uruguay due to high energy costs.
- Negotiations with UTE, Uruguay’s state-owned power company, began in early 2023.
- Discussions with UTE failed to produce a new tariff agreement.
Tether has announced the cessation of its mining activities in Uruguay, citing prohibitive energy costs as the primary reason for the decision. Despite ongoing negotiations with UTE since early this year, no agreement on new tariffs was reached.
The failure to secure a favorable energy deal led Tether to wind down operations, highlighting the challenges faced by crypto companies reliant on affordable energy sources for mining activities. (Source)
