Electricity Costs Pose Challenge for Crypto Mining in Uruguay

[johnblockbuster]

Uruguay’s steep electricity rates have made it less attractive for crypto miners. Industry experts note that power costs can account for up to 80% of mining expenses. Tether reportedly sought reduced electricity rates for a new facility, highlighting the ongoing negotiations. Other miners, like Vici Mining, previously moved to Paraguay to capitalize on cheaper energy at $22 per MWh, illustrating the competitive pressures in Latin America’s crypto sector.