Tether suspends bitcoin mining in Uruguay due to rising energy costs, laying off 30 local employees

Foresight News reported, citing Cointelegraph, that a spokesperson for USDT issuer Tether stated that due to rising energy costs, Tether has ceased its Bitcoin mining operations in Uruguay. The company remains committed to its long-term projects in Latin America. According to local news outlet El Observador on Tuesday, Tether has officially notified the Uruguayan Ministry of Labor to suspend its mining activities and has laid off 30 employees.

Tether first announced the launch of its "sustainable Bitcoin mining operations" in Uruguay in May 2023, in partnership with an unnamed locally licensed company. Previous reports indicated that Tether planned to exit the country in September following a $4.8 million debt dispute with a state-owned electricity supplier. However, weeks later, Tether denied these reports.