Tether Halts $120 Million Bitcoin Mining Project Over Contract Dispute with Uruguay's UTE Power Company
- Tether abandoned its Bitcoin mining project in Uruguay worth approximately $120 million due to a contract dispute with UTE.
- The disagreement was over the amount of electricity supply for two mining farms.
- Tether believed the agreed electricity supply was a minimum, while UTE considered it a cap.
- Tether's legal entity in Uruguay stopped paying electricity bills two months after a government change.
- UTE cut off electricity supply on July 25, 2025, due to unpaid bills and the lack of a signed revised agreement.
On August 24, PANews reported that Tether has halted its Bitcoin mining project in Uruguay, which was valued at approximately $120 million, due to a contract dispute with the state-owned electric utility UTE.
The dispute arose over the amount of electricity supply for two mining farms, with Tether believing the agreed amount was a minimum that could be increased, while UTE viewed it as a cap.
Despite attempts to resolve the issue through a revised contract, Tether's representatives did not attend the signing ceremony. Additionally, Tether's legal entity in Uruguay, Microfin, ceased paying electricity bills two months after a change in government.
As a result of the unpaid bills and the absence of a signed revised agreement, UTE cut off electricity supply to the mining sites on July 25, 2025. Tether subsequently notified Uruguay's labor department of its decision to cease operations and lay off most of its employees on November 25.
泰达因与乌拉圭UTE电力公司合同争议停止1.2亿美元比特币挖矿项目
8月24日，PANews报道，泰达因与国有电力公司UTE的合同争议停止了在乌拉圭价值约1.2亿美元的比特币挖矿项目。
争议主要集中在两个挖矿场的电力供应量上，泰达认为约定的电力供应量是最低限额，未来可以增加，而UTE则认为这是上限。
尽管双方试图通过签署修订合同来解决问题，但泰达的代表未出席签字仪式。此外，泰达在政府更换两个月后停止支付电费。
由于未支付电费且未签署修订协议，UTE于2025年7月25日切断了挖矿场的电力供应。泰达随后于11月25日通知乌拉圭劳动部门，决定停止运营并裁员大部分员工。