Tether’s $120 million Uruguay bitcoin mining project collapsed over a power contract dispute: Reuters

Tether’s planned $120 million Bitcoin mining project in Uruguay has collapsed after the host company and the local utility failed to finalize a power contract, Reuters reports. The cancellation halts Tether’s planned expansion in the country and highlights that access to long-term, competitively priced electricity remains a critical bottleneck for institutional-scale mining. While unlikely to materially impact Bitcoin’s price, the setback may delay incremental increases in global hash rate from Tether’s operations and underscores operational and contractual risks for large miners.