Uruguay News

Tether halted Bitcoin mining in Uruguay, reportedly dismissing 30 staff amid increasing energy costs and a $4.8 million debt dispute with state power firm UTE.

Tether said reports that it has exited Uruguay “do not accurately reflect the situation” and the local mining operator is working with the government to “resolve friction.”

The recently introduced Tether BTC mining software’s primary aim is to enhance the efficient management of mining capacity.

As part of its expansion into mining, Tether cited Uruguay’s capability of generating 94% of its electricity from renewable sources, including wind and solar.

The Uruguayan government introduced legislation to the parliament on Sept. 5, accelerating industry regulation.

Uruguay’s first crypto ATM has been installed in the coastal city of Punta del Este, a major tourist attraction in the region.

A Uruguayan senator has introduced a bill seeking to “establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies.”