Tether has abandoned its Bitcoin mining project in Uruguay, valued at $120 million. This initiative was meant to represent the stablecoin issuer’s first step into the South American market. The disagreement centered on the amount of electricity allocated by the public utility UTE, which Tether viewed as a starting minimum while the energy provider considered it a ceiling. The conflict intensified after the arrival of the left-wing government led by Yamandu Orsi last March and the appointment of new, reportedly less accommodating directors at UTE. Tether stopped paying its electricity bills two months after the government change and terminated its contracts in June, prompting UTE to cut off power on July 25. The company nonetheless continues its ambitions in Brazil, Paraguay, and Argentina with the goal of becoming the world’s largest Bitcoin miner.
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