Blocto wallet announced its impending closure after five years of operation due to continuous losses.

The post Tether’s Uruguay Bitcoin Mining Plans Could Be Over appeared on BitcoinEthereumNews.com. Tether’s push to expand Bitcoin mining in Uruguay has stalled after the state utility cut power to its local partner.  UTE, the national electricity provider, halted supply in late July over unpaid bills totaling nearly $5 million. The dispute also froze expansion efforts in the country’s Flores and Florida regions. Tether’s LATAM Bitcoin Mining Expansion Plan Hits Major Roadblock The USDT stablecoin operator entered Uruguay in 2023, promising renewable-powered Bitcoin mining. Uruguay’s abundant wind and hydro capacity made it a prime site for sustainable energy projects.  Sponsored Sponsored Tether partnered with a licensed operator, Microfin, to build facilities and secure long-term electricity deals. However, tension grew as costs and guarantees mounted. UTE required large deposits to secure the energy contracts, while Microfin sought tariff adjustments.  Negotiations led to a memorandum of understanding in June, but arrears remained unresolved. The failure to settle debts triggered the shutdown. Crypto Twitter Criticizing Tether’s Uruguay Backtrack. Source: X Tether had announced broader plans to control about 1% of the global Bitcoin network. The firm pledged hundreds of millions of dollars in South American mining projects, including sites in Paraguay.  The Uruguayan expansion was meant to anchor those ambitions. The company has emphasized that USDT reserves remain separate from its operational ventures. Mining revenue and energy assets are intended to diversify Tether’s business beyond stablecoin issuance.  Earlier this year, it also acquired a stake in Latin American agribusiness to link stablecoin use to commodity trade. The setback in Uruguay raises questions about the viability of energy-intensive mining in high-cost markets. While Paraguay and Texas have attracted miners with cheaper electricity, Uruguay’s grid is stricter on guarantees.  For now, Tether’s talks with UTE continue, but the timeline for restarting operations is unclear. Overall, this highlights the risks in tying stablecoin companies to volatile mining ventures. Tether…

Oil prices rose more than 1 percent on Wednesday after US President Donald Trump ordered “a total and complete” blockade of all sanctioned oil tankers entering

Retail investor sentiment toward cryptocurrency has shifted decisively bearish, according to on-chain analytics firm Santiment. While such pessimism might seem like a warning sign, historical patterns suggest the opposite: extreme retail bearishness has frequently preceded significant price recoveries.