- Buy Crypto
- Markets
- Futures
- Spot
- Copy Trade
WE-Launch
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.
You may also like
Key Market Intelligence on December 30th, how much did you miss out on?
$50 to $1 Million: How to Survive in the Meme Battlefield with 'Wallet Tracking'
Insight: 2026 Could Usher in a “Crypto Winter,” but Institutionalization and On-chain Transformation Are Accelerating
Key Takeaways Cantor Fitzgerald predicts Bitcoin could face an extended downtrend, signaling a potential “Crypto Winter” by 2026.…
Caixin: Digital RMB Wallet Balances to Begin Earning Interest in 2026
Key Takeaways: Starting January 1, 2026, digital RMB wallets will earn interest on balances. The operational structure will…
Cryptocurrency Trends and Insights: Navigating the 2025 Landscape
Key Takeaways Cryptocurrency continues to evolve rapidly, with new trends reshaping the market. Blockchain technology’s applications extend beyond…
Lighter: Airdrop Successful and Token Trading Imminent
Key Takeaways: The Lighter Discord community recently announced the successful distribution of LIT tokens, marking the beginning of…
UNI Burn Arbitrage Opportunity, Ondo Tokenized Stock Liquidity Debate, What’s the Overseas Crypto Community Talking About Today?
Key Takeaways The crypto market is buzzing with multi-threaded discussions, from macro trends to specific protocols and scams.…
Announcement: The Fed to Release Minutes of its Monetary Policy Meeting Soon
Key Takeaways The Federal Reserve is anticipated to disclose the minutes from its latest monetary policy meeting, offering…
“Elon Musk’s Nemesis Trade” Colossal ETH Short Sparks Debate in Crypto Circles
Key Takeaways A colossal short position was secured against Ethereum (ETH) worth approximately $106 million by a single…
Dragonfly Partner Foresees BTC Surpassing $150K by 2026 but Market Share Decline
Key Takeaways Bitcoin is anticipated to climb over $150,000 by the end of 2026, although its market dominance…
Elon Musk Liquidation Wall: Liquidates $106M Short Position, Faces $479K Loss
Key Takeaways A $106 million ETH short position was liquidated after just 15 hours, resulting in a $479,000…
Unstable Stablecoins: Understanding the Market’s Concerns and Dynamics
Key Takeaways Recent financial reports indicate concerns and instability in the stablecoin market. Circle, a leading stablecoin issuer,…
MMA Completes $3 Million Private Sale to Develop Web3 Platform with Trump Jr.’s Investment
Key Takeaways MMA’s Strategic Funding Move: U.S. mixed martial arts firm MMA has successfully secured $3 million through…
Market Update — December 30
Brevis opens airdrop tracking; Trend Research adds over 46,000 ETH in a single day.
The Eve of a Fed Pivot: Wall Street Girds for Rate Battle Without 'Powell'
After 500 Rejections, I Started Building a Product People Actually Use
BlockBeats 2025: Enabling 15 Million People to Witness Bitcoin's New All-Time High
Breaker Game Over Line: Why Are Young People Turning to Long-Termism?
Key Market Intelligence on December 30th, how much did you miss out on?
$50 to $1 Million: How to Survive in the Meme Battlefield with 'Wallet Tracking'
Insight: 2026 Could Usher in a “Crypto Winter,” but Institutionalization and On-chain Transformation Are Accelerating
Key Takeaways Cantor Fitzgerald predicts Bitcoin could face an extended downtrend, signaling a potential “Crypto Winter” by 2026.…
Caixin: Digital RMB Wallet Balances to Begin Earning Interest in 2026
Key Takeaways: Starting January 1, 2026, digital RMB wallets will earn interest on balances. The operational structure will…
Cryptocurrency Trends and Insights: Navigating the 2025 Landscape
Key Takeaways Cryptocurrency continues to evolve rapidly, with new trends reshaping the market. Blockchain technology’s applications extend beyond…
Lighter: Airdrop Successful and Token Trading Imminent
Key Takeaways: The Lighter Discord community recently announced the successful distribution of LIT tokens, marking the beginning of…
Popular coins
Latest Crypto News
Customer Support：@weikecs
Business Cooperation：@weikecs
Quant Trading & MM：[email protected]
VIP Services：[email protected]
App