Tether denies withdrawing from $500 million crypto mining project in Uruguay

Jinse Finance reported, according to Cointelegraph, that Tether has denied local media reports about its withdrawal from a $500 million crypto mining project in Uruguay. Previously, it was reported that Tether's facility in Uruguay had been disconnected from the power grid due to an outstanding electricity bill of approximately $4.8 million. In response, Tether stated that the reports "do not accurately reflect the actual situation," and noted that the local operating company is actively negotiating with the government to resolve the dispute. Although electricity prices in Uruguay are relatively high in Latin America (about $60-180 per megawatt-hour), Tether emphasized that it will continue to evaluate the best development path in Uruguay and surrounding regions.