Tether's Uruguay Mining Project Fails Amidst Disputes and Government Change

Tether's ambitious $120 million bitcoin mining project in Uruguay faltered due to disagreements over electricity allocation and a change in government.

The company had planned to build two mining sites in the region, promising economic growth and new infrastructure. However, disputes with the state utility UTE led to the breakdown of agreements, causing the shutdown of Tether's operations.

A shift in the political landscape after Uruguay elected a new government in 2025 further complicated negotiations, leading to the cessation of operations and layoffs in November 2025.