⚡ Tether’s Uruguay Mining Setback

🪙 Tether, issuer of USDT, launched a Bitcoin mining project in 🇺🇾 Uruguay using renewable energy 🌬️💧.

🤝 Partnered with Microfin to secure electricity contracts with the state utility UTE.

💸 Problem: Microfin allegedly owed $5M in unpaid power bills 📉.

🚫 UTE responded by cutting off electricity 🔌, halting mining operations.

📑 A June MoU was signed, but tariff disputes & financial guarantees remained unresolved.

🏗️ Expansion plans in Flores & Florida regions are now frozen ❄️.

🌍 Implication: Crypto mining, even in renewable-rich regions, faces high costs, regulatory hurdles, and financial risks ⚖️.

👉 Bottom line: Tether’s push into mining hit a major snag 🔧 due to energy debt + utility disputes, putting its Uruguay ambitions on hold ⏸️.

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