Tether Shelves $120 Million Bitcoin Mining Plan in Uruguay After Power Supply Dispute
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Reuters reports Tether abandoned a $120M Bitcoin mining project in Uruguay after a power-allocation dispute with state utility UTE, compounded by Microfin ceasing bill payments after a government change. The episode highlights operational and counterparty risks in scaling mining capacity and the fragility of energy procurement agreements, marginally softening sentiment around mining expansion and related infrastructure commitments.
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Aug. 24 (PANews/Reuters) — Tether has scrapped a planned $120 million Bitcoin mining investment in Uruguay following a contractual dispute with UTE, the country’s state-owned power utility.
The disagreement centered on the electricity allocation for two proposed mining sites. Tether said the volume set out in the agreement was a minimum that could be increased later, while UTE treated it as a fixed ceiling.
The two sides sought to settle the issue through an amended contract, but Tether representatives did not attend the signing. Reuters also reported that Microfin, Tether’s legal entity in Uruguay, stopped paying electricity bills two months after a change in government.
