One unsigned contract, and a $120 million project lost its power. According to Reuters, as cited by The Block, Tether's Bitcoin mining project in Uruguay ultimately fell apart over a signing meeting that no one showed up for.
According to the report, Uruguay's state-owned utility UTE had prepared to finalize a revised power supply contract with Tether, but the company's representatives were absent on the day. UTE subsequently cut off power to Tether's mining farm in July 2025.
The power cutoff brought the mining infrastructure project, reportedly worth $120 million, to a complete standstill. For now, public information is limited to what's been relayed in the Reuters report. Neither Tether nor UTE has released a full account of the situation, and it remains unclear whether talks will resume.
