Due to the failure of energy price negotiations, Tether has shut down its mining operations in Uruguay

According to CoinDesk, Tether will shut down its mining operations in Uruguay and lay off 30 of its 38 employees due to the 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 hurdles. Before deciding to gradually cease operations in Uruguay, Tether had already invested over $100 million in the country and committed to reinvesting $50 million for infrastructure development.