Tether's $120 Million Uruguay Bitcoin Mining Project Halted Amid Contract Dispute

Tether's Bitcoin mining project in Uruguay has stalled following a power supply contract dispute with the state-owned utility company UTE. The parties disagreed on whether the contracted power was a minimum guarantee or a maximum limit. After failed negotiations and unpaid bills, UTE cut power to two sites on July 25, 2025, leading Tether to exit the region. Tether continues to pursue other energy and mining ventures, including a stake in Adecoagro.