Friday, 21 August, 2026
Power Plugged: How High Energy Costs Torpedoed Tether's $500M Crypto Venture in Uruguay
By TechShots Studio
Tether's $500 million plan to launch a sustainable Bitcoin mining hub in Uruguay collapsed due to high electricity tariffs and operational disputes. After state power utility UTE disconnected sites over millions in unpaid bills, failed negotiations for lower industrial rates forced Tether to halt operations, abandon facilities, and lay off most local staff—highlighting the friction between green energy and low-cost crypto mining.