How Tether’s bitcoin mining plans in Uruguay unraveled

Uruguay appeared to be an ideal spot for cryptocurrency leader Tether to launch a bitcoin mining operation. The nation, known for its political stability and tax benefits, had become a hotspot for global fintech firms. In 2023, Tether announced its intention to establish two mining sites in Uruguay as part of a $120 million investment plan aimed at generating economic growth and jobs.

However, the project came to a halt due to a dispute over the amount of energy required for bitcoin mining and the company's reluctance to disclose the investment value.