Tether Abandons $120M Bitcoin Mining Project in Uruguay After Contract Dispute

BitcoinWorld Tether Abandons $120M Bitcoin Mining Project in Uruguay After Contract Dispute Tether, the company behind the world’s largest stablecoin, has halted a roughly $120 million Bitcoin mining project in Uruguay, according to a report from The Block.

The initiative, once viewed as a strategic entry point into South America’s cryptocurrency mining sector, collapsed amid a contractual disagreement with Uruguay’s state-owned power company, UTE.

Root of the Disagreement At the center of the dispute was the interpretation of electricity supply terms in the contract. Tether understood the agreed power volume as a minimum threshold that could be increased later to support expanded operations.

UTE, however, treated the same figure as a hard ceiling that could not be exceeded. This fundamental difference in reading the contract prevented the two parties from moving forward. Efforts to revise the contract terms were made, but those attempts ultimately failed.