Tether, a major stablecoin issuer, is shutting down its bitcoin mining operations in Uruguay, leading to the dismissal of most local staff. The company cited unresolved energy tariff issues with authorities as the main reason for this decision, marking a significant shift from its earlier plans to invest up to $500 million in the country. Tether had initially aimed to build data centers and a renewable energy park, but after spending over $110 million and committing $50 million to infrastructure, the company decided to pull out due to high energy prices and regulatory challenges.

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