Tether Halts Bitcoin Mining Operations in Uruguay, Losing Approximately $120 Million

Tether has confirmed the cessation of its Bitcoin mining operations in Uruguay as of 2025. The project initially operated well, but it fell through due to disagreements with the state-owned power company UTE over power supply terms. Tether believes that the contract stipulated a adjustable minimum power supply, while UTE viewed it as a non-exceedable maximum quota. The conflict deepened further with the change of government in Uruguay in 2025. The project incurred costs of approximately $120 million, significantly lower than the initially planned investment scale. Tether did not respond to requests for comment.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.