Tether Ceases Bitcoin Mining in Uruguay Due to High Costs
- Tether has halted its Bitcoin mining operations in Uruguay, initially valued at $500 million.
- The closure is attributed to uncompetitive electricity rates that made operations unsustainable.
- Most of the local workforce, totaling around 30 out of 38 employees, has been laid off.
- Tether’s renewable energy plans included projects for wind and solar parks with a total capacity of up to 300 MW.
- As of September, Tether and its partner reportedly owed nearly $5 million to local authorities, leading to the cessation of electricity supply.
The decision to cease operations reflects Tether’s challenges in maintaining profitability amid high operational costs in Uruguay. Despite this setback, Tether remains committed to exploring long-term projects across Latin America.
Halting these operations marks a significant shift for Tether as they navigate financial difficulties while aiming for ambitious renewable energy goals with investments potentially reaching $500 million.(Source)
