ChainThink report, August 24: According to Reuters, Tether's Bitcoin mining project in Uruguay has been stalled due to a dispute over electricity supply contracts with the state-owned power company UTE, with estimated investment reaching approximately $120 million.

Disagreement arose over the contracted power volume. Tether views the figure as a minimum guaranteed supply, whereas UTE interprets it as a maximum capacity limit. With no new agreement signed and electricity payments in arrears, UTE cut off power to two mining sites on July 25.

Tether subsequently terminated its local operations and laid off the majority of its staff. The mining facility was previously seen by Tether as the first step toward entering the South American Bitcoin mining market.

Nevertheless, Tether continues expanding its regional energy and mining footprint, having previously acquired a 70% stake in renewable energy firm Adecoagro and planning to leverage its surplus renewable energy for Bitcoin mining operations.