Oh, the woes of Tether! 🌍⚡ In the land of Uruguay, where the sun shines bright and the energy bills burn hotter than a dragon’s breath, the crypto giant is packing its bags. High energy costs, they say, are the real villain here. But who’s really to blame? 🤔
Tether’s Descent into the Uruguayan Energy Abyss
Tether, the crypto titan, is now fleeing Uruguay like a mouse from a cat. Once a pioneer in mining, now a ghost of its former self. The dream of making Uruguay a mining hub? Just a flicker in the dark. 💸
Since 2023, Tether has been playing chess with UTE, the state-owned power company. But the moves? Unsuccessful. No agreement, just a stalemate. 🎲
Despite their pleas for better tariffs and a break from the power tolls, UTE remained as stubborn as a mule. In 2024, Tether sent a letter that read like a warning from a furious oracle. “We’re confident in the country’s potential, but this tariff framework? A joke!” 🧙♂️
According to El Observador, the letter declared: “For projects of this scale, a competitive and predictable tariff framework is essential. The failure to reach an agreement? A disaster.” 🚨
By 2025, Tether will vanish, leaving behind a project that could have turned Uruguay into a tech and renewable energy beacon. 🌞⚡ But now, it’s just a tale of what could’ve been.
Investing $100 million in two mining sites and planning $500 million more? Bold moves, but even boldness can’t outshine a $5 billion debt. 🧾
In July, UTE unplugged two facilities, citing debts. But Tether? They’re all, “No worries! There’s a warranty deposit!” 🤷♂️
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2025-09-21 12:57