Tether, one of the largest companies in the cryptocurrency industry, is now exiting all its operations in Uruguay, after being a crypto mining pioneer in the country. The company, which had planned to make Uruguay a mining hub, is winding down its operations following failed negotiations to secure a better deal to continue operating.

According to local reports, Tether had been in talks with UTE, the Uruguayan power company, to obtain better operational conditions since 2023. The company sought to avoid paying power tolls that made its operation economically unfeasible, as well as negotiate better power tariffs.

Nonetheless, the negotiations stalled after UTE failed to approve these conditions for Tether. In 2024, the company sent a letter to UTE, warning about the possible effects of this decision.

According to El Observador, the document declared:

We are confident in the country’s potential, but for projects of this scale, a competitive and predictable tariff framework is essential. The failure to reach an agreement forces us to rethink our strategy.

In the same document, Tether explained that it would wind down its operations by 2025, closing a project that could have “consolidated Uruguay as a benchmark in technological infrastructure and renewable energy in the region.”

Tether had already invested over $100 million in two mining sites and planned investments for over $500 million, including a wind and solar generation facility.

In July, UTE unplugged two of the Tether-owned facilities due to outstanding debts of close to $5 billion. Nonetheless, Tether explained that these debts were covered by the warranty deposit issued to UTE.

“There is no such thing as a company leaving and leaving a debt with the state; there is a warranty deposit,” a spokesperson stressed.

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