Tether withdraws from Bitcoin mining operations in Uruguay… 30 local employees laid off
Summary
- Tether (USDT) said it has stopped its Bitcoin (BTC) mining operations in Uruguay.
- Tether reportedly decided to withdraw due to a debt dispute with Uruguay's state-owned power company.
- Along with the dismissal of 30 local employees, Tether said it will focus on long-term projects in Latin America.
Dollar stablecoin issuer Tether (USDT) has stopped its Bitcoin (BTC) mining operations in Uruguay.
Tether told Cointelegraph on the 28th (local time), "We have stopped (Bitcoin mining operations) in Uruguay." Tether said, "We will continue to be committed to long-term projects in Latin America."
Reports that Tether was withdrawing from Uruguay first emerged in September. At the time, Tether was reported to be considering halting operations amid a dispute over a $4.8 million debt with Uruguay's state-owned power company. According to local media, Tether recently notified the Uruguayan Ministry of Labor of the suspension of its Bitcoin mining operations and the dismissal of 30 local employees.
Tether entered the Bitcoin mining business in Uruguay in May 2023. Cointelegraph reported, "Tether has not officially disclosed local partners, but it appears to be connected with entities such as the national power plant and the power transmission authority (UTE)."
JOON HYOUNG LEE
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