Tether Reinforces Crypto Mining Push in Uruguay

While local reports said the company was leaving Uruguay, Tether denied those claims, saying it remains in talks to continue its mining operations. The company said it is evaluating its path forward in Uruguay and across Latin America.

Tether Is Not Leaving Uruguay, Continues Negotiations With State-Owned Power Company

Tether, the company behind the issuance of USDT, has recently clarified its situation in Uruguay, where local reports indicated that it might be exiting its operations. The company, which is involved in green energy and cryptocurrency mining operations in the country, denied it would abandon these projects, explaining that the situation was still developing.

Local press reported that the company was considering exiting Uruguay as its negotiations for better power tariffs with UTE, the local power company, had stalled since last year. The company had been in this negotiating process since 2023, when it warned about the consequences of failing to reach a deal.

“The failure to reach an agreement forces us to rethink our strategy,” Tether stated at that time, hinting at a probable wind-down of its operations.

Nonetheless, Tether recently indicated that this was not the case, stressing that it was still considering how to continue operating in Uruguay. Tether told Criptonoticias that:

Tether is committed to developing long-term initiatives in Latin America, especially those leveraging renewable energy. We continue to evaluate the best path forward in Uruguay and the broader region.

Addressing the local reports of a hypothetical exit from Uruguay, the company noted that local reports did not “accurately reflect the situation.”

Tether had been projecting investments of $500 million in several mining sites in Uruguay, and has already executed $100 million. The company experienced power cuts in the country, as it reportedly owes UTE close to $4.8 million since July, when the deposit offered for the operation of Tether’s mining sites was spent.

Nonetheless, a company spokesperson denied these allegations, explaining that the deposit covered these debts. “There is no such thing as a company leaving and leaving a debt with the state,” he stressed.