Tether, Issuer of USDT, Shuts Down BTC Mining Facility in Uruguay Due to High Costs

Tether, known for issuing the stablecoin USDT, has halted its cryptocurrency mining operations in Uruguay and conducted significant layoffs, as reported by local media.

The decision was officially confirmed during a meeting held at the National Directorate of Labor in Uruguay on the 25th. Out of 38 employees in Uruguay, 30 have been laid off.

The company's decision was initially reported in September by insiders. Tether cited the high energy costs and lack of a competitive pricing structure in Uruguay as reasons that the investment was not justifiable.

In May 2023, Tether had partnered with local companies to...