Local reports said the company had left Uruguay, but Tether denied those claims and said it would remain in discussion to continue the mining business. The company said it is evaluating the path forward across Uruguay and Latin America.
Tether has not left Uruguay and continues to negotiate with state-owned power companies.
Tether, the company behind the USDT issue, recently revealed the situation in Uruguay. The company, which is involved in the country’s green energy and cryptocurrency mining business, denied abandoning these projects, explaining that the situation is still developing.
Local news outlets reported that the company is considering leaving Uruguay as a better power tariff negotiation with UTE, which has been stagnant since last year. The company has been involved in the negotiation process since 2023.
“We are forced to rethink our strategy because we didn’t reach an agreement,” Tether said at that point, suggesting the possibility of blowing its operations away.
Nevertheless, Tether recently showed that this is not true and emphasized that he is still considering ways to continue operations in Uruguay. Tether told Cryptonotitius:
Tether is working on developing long-term initiatives in Latin America, particularly those that utilize renewable energy. We continue to appreciate the best paths in Uruguay and the wider region.
Addressing a local report of hypothetical exits from Uruguay, the company noted that the local report “does not accurately reflect the situation.”
Tether has projected $500 million in investments on several Uruguay mining sites, and has already run $100 million. The company has experienced a power outage across the country as it reportedly owes nearly $4.8 million in UTE since July when deposits provided to operate the Tether mining site were spent.
Nevertheless, a company spokesman denied these allegations, explaining that the deposits cover these liabilities. “There’s nothing like a business leaving the state and leaving debt,” he emphasized.
