Tether’s Uruguay Bitcoin Mine Stalled by Power Contract Dispute

The dispute turns on the same input that determines mining economics everywhere: the power contract, not the hardware or the hashrate. That Tether, whose core business is issuing a stablecoin, is exposed to a sovereign-level negotiation over electricity in a single jurisdiction is the notable part — it shows how far the company has pushed into energy-intensive operations where local terms, not crypto markets, set the outcome. Whether the project resumes or is written off is the open question, and it matters for how Tether's diversification is read.