PANews reported on November 29th that, according to CoinDesk, Tether will shut down its mining operations in Uruguay and lay off 30 of its 38 employees after failing to reach an agreement with Uruguayan authorities on energy prices. Tether had planned to invest $500 million in Uruguay but decided to withdraw due to high energy prices and regulatory hurdles. Before deciding to gradually cease operations in Uruguay, Tether had already invested over $100 million in the country and pledged an additional $50 million for infrastructure development.PANews reported on November 29th that, according to CoinDesk, Tether will shut down its mining operations in Uruguay and lay off 30 of its 38 employees after failing to reach an agreement with Uruguayan authorities on energy prices. Tether had planned to invest $500 million in Uruguay but decided to withdraw due to high energy prices and regulatory hurdles. Before deciding to gradually cease operations in Uruguay, Tether had already invested over $100 million in the country and pledged an additional $50 million for infrastructure development.
Tether shuts down its cryptocurrency mining operations in Uruguay after energy price negotiations failed.
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PANews reported on November 29th that, according to CoinDesk, Tether will shut down its mining operations in Uruguay and lay off 30 of its 38 employees after failing to reach an agreement with Uruguayan authorities on energy prices. Tether had planned to invest $500 million in Uruguay but decided to withdraw due to high energy prices and regulatory hurdles. Before deciding to gradually cease operations in Uruguay, Tether had already invested over $100 million in the country and pledged an additional $50 million for infrastructure development.
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