Tether's $120 Million Bitcoin Mining Project in Uruguay Collapses Over Power Contract Dispute
Tether's $120 Million Bitcoin Mining Project in Uruguay Collapses Over Power Contract Dispute
A significant $120 million Bitcoin mining operation initiated by Tether in Uruguay has reportedly ceased. The project's collapse is attributed to a power contract dispute, with the national utility company, UTE, cutting power to Tether's mining sites. This action followed Tether representatives' failure to attend the signing of a revised contract, leading to the termination of the power supply.
Tether's Uruguay Bitcoin Mining Venture Hits a Snag
The cryptocurrency world is reacting to news surrounding Tether's ambitious $120 million Bitcoin mining initiative in Uruguay. According to Reuters, the project has effectively collapsed after a breakdown in negotiations over a power contract. The national power company, UTE, took decisive action in July 2025, severing electricity to Tether's mining facilities. This drastic step was reportedly necessitated by the absence of Tether representatives at a scheduled signing for a revised power agreement, signaling a significant setback for the stablecoin issuer's foray into large-scale Bitcoin mining.