Tether: Mining exit indicates insufficient green power
2026-08-21 21:56:59
According to CoinMeta, the mining exit event of Tether indicates that green electricity is not sufficient to support its operations. According to Reuters, Tether was forced to abandon its two mines in Uruguay due to a dispute over power supply with the state-owned power company UTE. Former contractors estimated that Tether invested about $60 million in each mine, totaling approximately $120 million. Although Uruguay has an adequate power supply, the dispute stemmed from the difference between the power usage scale desired by Tether and the contractual limitations set by UTE. Reuters noted that Tether viewed the agreed power supply as the minimum requirement, while UTE considered it the upper limit. In the end, due to unpaid bills, UTE cut off the power supply, and Tether subsequently notified the Uruguayan labor department that it would cease operations and lay off employees. This incident highlights that the commercial terms of power supply are just as important in mining projects as the claims regarding renewable energy.
Source:CryptoNewsFlash
This content is for market information only and does not constitute investment advice.
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