Tether Abandons $120M Uruguay Bitcoin Mining Project After Power Dispute
TLDR
- Tether abandons two Uruguay Bitcoin mining sites after a major power dispute.
- The failed Uruguay mining project reportedly cost Tether about $120 million.
- UTE cut electricity after contract talks failed and unpaid bills still remained.
- Tether had planned to use Uruguay as a launchpad for South American mining.
- Rising power costs and weaker mining economics are reshaping Bitcoin operations.
Tether has abandoned two Bitcoin mining facilities in Uruguay after a power dispute disrupted operations and ended the $120 million project. The company had planned to use Uruguay as a regional testing ground for wider South American expansion. However, disagreements over electricity allocations eventually left the mining sites without enough power to operate reliably.
Tether Power Dispute Ends Uruguay Bitcoin Mining Project
Tether launched its Uruguay mining operation in 2023, citing renewable energy, grid reliability, political stability, and favorable business conditions. The company developed two facilities in Florida department, with each site reportedly costing about $60 million. Together, the sites represented one of the company’s largest early mining investments in South America.
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