Tether has halted its Bitcoin mining operations in Uruguay due to rising energy costs and a dispute over about $4.8 million owed to the state power company, UTE. The company also reported letting go of 30 workers.
A Tether spokesperson confirmed the shutdown but said the company still plans long-term projects in Latin America.
Local reports say Tether told Uruguay’s Ministry of Labor that it was suspending mining operations. Tether began mining in the country in 2023, promoting it as a “sustainable” project powered by renewable energy.
Reports say Tether has already spent at least $150 million of its planned $500 million investment, though the company has not confirmed the exact amount. Tether says it is still deciding on its next steps in Uruguay and the wider region.
