Cointelegraph reported on November 28 that Tether, issuer of the USDT stablecoin backed by the US dollar, will stop its Bitcoin mining business in Uruguay.
A Tether spokesperson said the company ended operations in Uruguay but its commitment to long-term projects in Latin America remains strong. The comment came weeks after it became known that Tether had not paid 4.8 million dollars in electricity fees to Uruguay’s state utility UTE.
Tether formally notified the Uruguayan labour ministry of the shutdown and reportedly dismissed 30 local employees. The company had worked with a licensed local partner on Bitcoin mining since May 2023. Paolo Ardoino, then Tether’s chief technology officer, said at the time that it would lead sustainable cryptocurrency mining by using Bitcoin and Uruguay’s renewable energy.
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Chikyuu Hwang
delight@d-today.co.kr