Tether's Bitcoin Mining Project in Uruguay Halted Due to Power Contract Dispute, Investment Amounting to $120 Million
By: www.theblock.co|2026/08/23 21:59:48
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Prefer us on GoogleTether's Bitcoin mining project in Uruguay has been halted due to a dispute over the power supply contract with the local state-owned electricity company UTE, with an investment scale of approximately $120 million. The two parties have differing views on the contracted power supply; Tether considers the relevant amount to be the minimum guaranteed supply, while UTE sees it as the maximum supply limit. As a new agreement was not signed and electricity payments were overdue, UTE cut off power supply to two mining sites on July 25, 2025. Subsequently, Tether ceased local operations and laid off most of its employees. The Uruguay project was seen by Tether as the first step into the South American Bitcoin mining market. Tether continues to expand its regional energy and mining layout, having acquired a 70% stake in renewable energy company Adecoagro, and plans to utilize its remaining electricity for Bitcoin mining.
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