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Tether Shuts Down Mining Operation in Uruguay, Project Has Received Over $100 Million in Funding
BlockBeats News, November 29th, according to Coindesk's report, Tether has confirmed that it will shut down its mining operations in Uruguay and lay off most local employees, as the company has failed to reach an agreement with the authorities on an energy consumption tax.
According to local media, Uruguayan labor department officials stated that Tether reiterated this decision during a meeting with the National Labor Directorate. As the company gradually exits the Uruguayan market, 30 out of 38 employees will be laid off. Tether had originally planned to invest up to $500 million in Uruguay, including the construction of three data centers and a 300-megawatt renewable energy park. The stablecoin giant had started investing in sustainable Bitcoin mining operations in the country as early as 2023.
Tether claimed to have already invested over $100 million and further committed to investing $50 million in building infrastructure that was supposed to be handed over to the national grid operator UTE. The company attributed its exit to high energy prices and regulatory hurdles. According to local media reports, since 2023, Tether has been requesting a shift to a more competitive electricity pricing structure, proposing to adjust the transmission costs from 31.5 kV to 150 kV.
Tether stated that this change would benefit both parties by reducing costs and avoiding redundant infrastructure projects.
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