Tether Holdings Ltd. has formally denied media speculation that it abandoned its $500 million Bitcoin mining project in Uruguay. CEO Paolo Ardoino confirmed the company's ongoing commitment, stating that negotiations are active with the Uruguayan national electricity authority (UTE) to resolve a dispute centered on a $4.8 million payment.
Ardoino emphasized, "We continue to evaluate the best way forward in Uruguay and the region more broadly. While reports have speculated an exit from the region, these do not accurately reflect the situation." The project is part of Tether's broader $2 billion mining investment across Latin America, with ambitions to command 1% of the global Bitcoin hashrate. Tether utilizes profits from USDT reserves to fund these ventures, supporting local energy infrastructure.
Market observers note that the denial aims to stabilize concerns, with no immediate impact on Bitcoin prices reported. The outcome could influence Bitcoin's mining sector dynamics and Tether's strategic positioning long-term.