Tether suspends Bitcoin mining operations in Uruguay due to rising energy costs.

Odaily Planet Daily reports that a Tether spokesperson confirmed on Friday that Tether, the issuer of the world's largest stablecoin USDT, has suspended Bitcoin mining operations in Uruguay due to rising energy costs, but remains committed to long-term projects in Latin America.

Tether's confirmation comes just weeks after it denied reports of withdrawing from Uruguay. Earlier reports indicated a $4.8 million debt dispute between Tether and Uruguay's state-owned power company, UTE.

According to a report by local news agency El Observador on Tuesday, Tether has officially notified the Uruguayan Ministry of Labor of the suspension of mining activities and the layoff of 30 employees. Tether initially announced the launch of a "sustainable Bitcoin mining operation" in Uruguay in May 2023, aiming to utilize the country's renewable energy sources. It was reported that Tether originally planned to invest $500 million in the mining operation in Uruguay. (Cointelegraph)