[Tether Shuts Down Mining Operations in Uruguay, Over $100 Million Invested in the Project] BlockBeats News, November 29, as reported by Coindesk, Tether has confirmed the closure of its mining operations in Uruguay and the layoff of most local employees after failing to reach an agreement with authorities on energy tariffs. According to local media reports, officials from Uruguay's Ministry of Labor stated that Tether reiterated this decision during discussions with the National Labor Office. As the company gradually exits the country's market, 30 out of 38 employees will be laid off. Tether had originally planned to invest up to $500 million in Uruguay, including the construction of three data centers and a 300-megawatt renewable energy park. The stablecoin giant began investing in sustainable Bitcoin mining operations in the country as early as 2023. Tether claims to have invested over $100 million and additionally committed $50 million to build infrastructure that was to be handed over to the national grid operator UTE. The company attributed its withdrawal to high energy prices and regulatory hurdles. According to local media, Tether has been requesting a shift to a more competitive electricity pricing structure since 2023, proposing to adjust transmission fees from 31.5 kV to 150 kV. Tether stated that this change would benefit both parties by reducing costs and avoiding redundant infrastructure projects.