Tether's Uruguay Bitcoin Mining Plan Stalls Amid Dispute With State Utility UTE
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Reuters reports Tether's Uruguay bitcoin mining project is halted after a power-contract dispute with state utility UTE, leading to a July 25 power cutoff and local layoffs. While the $120m project disruption is negative for Tether's mining ambitions and highlights operational/regulatory execution risk, the near-term market impact on Bitcoin is limited given the small share of global hashrate involved. Tether says regional expansion plans continue.
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Tether's bitcoin mining venture in Uruguay has been suspended after a contract dispute over electricity supply with state-owned utility UTE, Reuters reported on Aug. 24, as cited by ChainThink. The project was expected to involve about $120 million in investment.
The two sides are at odds over the volume of power specified in the agreement. Tether says the figure represents a minimum guaranteed supply, while UTE treats it as a cap. After a new contract was not signed and electricity bills remained unpaid, UTE cut power to both mining sites on July 25.
Tether subsequently closed its local operations and laid off most of its staff. The Uruguay buildout had been positioned as Tether's first step into South America's bitcoin mining market.
Tether is still pushing ahead with energy and mining expansion in the region. The company previously bought a 70% stake in renewable energy producer Adecoagro and has said it plans to direct excess electricity into bitcoin mining.
