Tether’s $120 million Uruguay bitcoin mining project collapsed over a power contract dispute

Tether’s large‑scale bitcoin mining operation in Uruguay, valued at roughly $120 million, has reportedly collapsed after a dispute with the national power utility, UTE.

Power supply interruption

According to the report, UTE cut electricity to the mining sites in July 2025 because Tether representatives failed to attend the signing of a revised power contract.

Impact on the mining project

The loss of power effectively halted mining activities, raising questions about the viability of the project and its financial outlook.

Key issues

• Disagreement over contract terms between Teter and UTE.
• Failure of Tether’s representatives to finalize the revised agreement.
• Resulting power cut that stopped mining operations.