Tether Shuts Uruguay Project Over Power Dispute, Ending $120M BTC Mining Investment

Tether's exit turns on an operational dispute rather than crypto market conditions, a reminder that mining economics are increasingly dictated by energy contracts and local utilities, not hashprice alone. For a stablecoin issuer that has spent years diversifying reserves and profits into adjacent infrastructure, the write-down is small in isolation but signals that geographic expansion carries jurisdictional risk it cannot hedge. The open question is whether Tether retreats from mining altogether or simply reallocates the capital to friendlier power markets.