Tether abandoned its Uruguay Bitcoin mining venture following a dispute with state utility UTE over electricity allocation terms. Estimated spending reached approximately $120 million across two sites in Uruguay’s Florida department. The company is now launching a smaller pilot project in Brazil with Adecoagro, using about 10 megawatts of surplus renewable energy. Brazil will test whether clear power terms, dependable capacity, and sustainable economics can avoid the operational problems that ended Uruguay’s project.
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