Shafaqna English– Tether, the world’s largest stablecoin issuer, chose Uruguay for a bitcoin mining project, attracted by its stability and tax benefits. In 2023, it announced two mining sites, promising jobs and energy development.
However, according to Reuters, the plan failed due to a disagreement over electricity supply, and the sites were abandoned, with estimated losses of around $120 million. Tether did not comment. This case shows how bitcoin mining can be highly mobile—companies can quickly enter and exit countries without creating lasting local benefits. Rising energy costs and falling crypto prices also make such projects less profitable.
Source: Reuters