Tether halts $120M Bitcoin mining project in Uruguay

Tether has halted a roughly $120 million Bitcoin mining project in Uruguay, The Block reported. The project had been seen as a first step in expanding across the broader South American market, but the effort was scrapped amid a contract dispute between Tether and Uruguay’s state power company UTE. The two sides disagreed over the amount of electricity to be supplied to two mining facilities under the contract. Tether interpreted the agreed power volume as a minimum supply level that could be increased later, while UTE viewed it as a ceiling that could not be exceeded. The parties later tried to revise the contract terms to resolve the dispute, but no agreement was reached after Tether representatives did not attend the signing meeting for the amended contract.