The company Tether has suspended its Bitcoin mining activities in Uruguay due to high electricity costs, according to local media reports.
The USDT issuer had planned to invest $500 million in the country. The investments included the construction of three data centers with a capacity of 165 MW, as well as a green energy generation park with a capacity of 300 MW.
Over $100 million of the planned amount had been utilized. The company also allocated $50 million for infrastructure, which was to be transferred to state energy system operators.
Tether stated that the tariffs offered to the company were uncompetitive and did not match the scale of the investments. The firm deemed it impractical to continue the projects under the current conditions.
The company informed the Ministry of Labour and Social Security about the dismissal of 30 out of 38 full-time employees of its local division.
Tether announced the launch of its Bitcoin mining operations in Uruguay in May 2023. In September 2025, media reported the firm’s outstanding electricity and related service bills amounting to $4.8 million. The company acknowledged the financial claims but denied plans to exit the country.
“Tether is committed to developing long-term initiatives in Latin America, especially projects related to renewable energy sources. We continue to evaluate the best paths for development in Uruguay and the region as a whole,” the firm noted in a comment to Cointelegraph.
Fire at New York Mining Facility
Greenidge Generation was forced to shut down its power plant and Bitcoin mining operation in Dresden, New York, after a malfunction in the electrical distribution device led to a fire.
According to TheMinerMag, the facility generates 106 MW using natural gas. The energy is used to power its own installations as well as hosting devices for NYDIG.
The company stated that the incident triggered automatic safety protocols, which immediately cut power to the facility.
No injuries were reported as a result of the quickly contained fire. Preliminary assessments did not reveal significant damage to the equipment. Greenidge expects to resume operations at the mining data center in the coming weeks.
In November, authorities in Kyrgyzstan disconnected all cryptocurrency mining enterprises due to electricity shortages.