Due to failed energy price negotiations, Tether shuts down its mining operations in Uruguay
ChainCatcher news, according to CoinDesk, Tether will shut down its mining operations in Uruguay and lay off 30 of its 38 employees due to failure to reach an agreement with Uruguayan authorities on energy prices.
Tether originally planned to invest $500 million in Uruguay, but decided to withdraw due to high energy prices and regulatory obstacles. Before deciding to gradually cease its operations in Uruguay, Tether had already invested over $100 million in the country and had committed to reinvesting another $50 million in infrastructure construction.
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