Tether Shuts Uruguay Mining Site, Lays Off 30 Citing High Energy Costs

Published at 2025-11-27 08:45:07

Tether announced it will wind down its crypto-mining operations in Uruguay and terminate 30 staff, saying sharply higher electricity prices made continued activity unsustainable. The decision, confirmed on Nov. 27, 2025, ends a small regional presence for the issuer best known for the USDT stablecoin.

The shutdown underscores pressure on miners from volatile power markets and could prompt more firms to seek lower-cost jurisdictions or pause expansion. Tether gave a brief statement blaming energy costs and has not outlined relocation plans or any direct effect on its stablecoin operations, leaving industry watchers to assess longer-term implications for mining capacity and local employment.

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Tether has moved 27 tons of gold—roughly $150 million worth—into the crypto market as gold rallies back above $5,000, supplying buyers with physical-backed liquidity. The action signals rising risk-off demand and active reserve management by the stablecoin issuer.

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