- Tether exited its Bitcoin mining business in Uruguay after a power supply dispute with UTE, the country’s state-owned electricity company.
- The Uruguay mining project is estimated at about $120 million, and Tether notified authorities that it would shut down the local operation and lay off most employees.
- Tether is still pursuing renewable energy-based Bitcoin mining investments in other regions, while Reuters reported that high power prices, Bitcoin prices and opportunities to shift into AI data centers are hurting mining profitability.
Tether Exits Uruguay Bitcoin Mining Venture After Power Dispute Stalls $120 Million Project
Tether has exited a Bitcoin mining venture in Uruguay after a power dispute stalled the planned $120 million project. The development highlights how energy access and pricing can disrupt large-scale crypto mining investments.
bloomingbit
Publisher
Aug 24, 2026 at 12:06 AM UTC · 2 min de leitura
Key Signal
$120M Uruguay mining project value
Entities
bitcoin, tether
Market Impact
BTC+0.25%$77,495
Last Updated
há 8 minutos
Traduzindo…
Forecast Trend Report by Period
Tether, the issuer of the world’s largest stablecoin, USDT, has exited its Bitcoin mining business in Uruguay after a contract dispute with the country’s state-owned power company, The Block reported.
The Block reported on August 23 that Tether and Uruguay’s state power utility, UTE, clashed over electricity supply for two mining sites in Florida, Uruguay. Tether interpreted the contracted power level as a minimum baseline that could later be increased, while UTE viewed it as the maximum amount available under the agreement.
The two sites initially operated normally. As power demand rose, however, they were unable to secure enough electricity. The two sides tried to amend the contract to resolve the dispute but failed to reach a final agreement.
Market Context
Bitcoin
BTC
$77,495
+0.25% (24H)
Market Cap
$1.56T
24H Volume
$26.2B
24H High
$78,035
Article Intelligence
Topics
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