Tether confirms to the Uruguayan Ministry of Labor that it will cease operations in the country.
ChainCatcher News, according to Elobservador, Tether Holdings Ltd. has confirmed to the Ministry of Labor and Social Security (MTSS) of Uruguay that it will cease operations in Uruguay and lay off 30 out of its 38 employees. Since entering Uruguay, Tether had planned to invest $500 million, including building three data processing centers in the departments of Florida and Tacuarembó, with an expected power consumption of 165 megawatts. It also planned to construct a wind and solar power park with an installed capacity of 300 megawatts. Of the total investment, over $100 million has already been implemented, with an additional $50 million allocated for infrastructure construction. These facilities will be owned by the Uruguayan Electricity Company (UTE) and the National Interconnected System.
The company warned that under current conditions, it is economically unfeasible to continue the project. The 31.5 kV power transmission contract model and associated costs adopted in the department of Florida have raised operating expenses, despite Tether having applied multiple times for more competitive electricity pricing schemes since November 2023. In the proposed alternatives, the company suggested switching to a 150 kV transmission fee and amending the power purchase contract. This plan could have brought economic benefits to the Uruguayan Electricity Company and avoided unnecessary engineering works.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Qualcomm (QCOM.US) acquires robotics software company PickNik to strengthen its presence in the physical AI field
Qualcomm announced on Wednesday that it will acquire the robotics software company PickNik to enhance its presence in the field of physical AI and robotics.
10-Yr Benchmark Govt Yields - Germany vs Other Nations
Four Mac Studio systems run trillion-parameter models, Apple challenges Nvidia's narrative on inference
Apple's hardware chief pointed out that after enterprises purchase devices outright, there is no need to pay by token, and the cost-effectiveness of local computing power might be superior to long-term rental of cloud GPUs. Goldman Sachs believes that if more inference tasks shift to end devices, Nvidia's share in incremental AI activity may fall short of market expectations. Currently, Nvidia's implied volatility is at its lowest since before the pandemic, and option pricing has almost no risk premium allocated for this narrative change. Therefore, Goldman Sachs recommends buying Nvidia put options and going long on Apple.
Canadian Prime Minister: US-Canada trade agreement is still possible, but Ottawa will not give up its right to deepen cooperation with the EU
Canadian Prime Minister Carney stated that while it remains possible to reach a trade agreement with the United States, Canada will not trade its sovereignty for any deal, particularly insisting on its right to independently sign trade agreements. Meanwhile, Carney is actively promoting deeper cooperation between Canada and the European Union, covering critical minerals, energy, scientific research, and student exchanges, aiming to reduce dependence on the US and defend national sovereignty. He emphasized that in an era when connectivity can be weaponized, diversified cooperation is a necessary choice for safeguarding sovereignty.
Crypto prices
More
