How Tether's bitcoin mining plans in Uruguay unraveled
Uruguay appeared to be an ideal location for cryptocurrency giant Tether to introduce a bitcoin mining operation. The South American nation, noted for its political stability and favorable tax conditions, had become a hub for global fintech firms. In 2023, Tether announced plans to establish two mining sites in Uruguay, aiming to bring economic development, new energy infrastructure, and jobs to the country.
However, due to disagreements over the amount of energy required for its bitcoin mining activities, the project eventually collapsed, leaving no trace of its estimated $120 million investment.
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- How Tether's bitcoin mining plans in Uruguay unraveled channelnewsasia.com
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