Tether's Uruguay mining plan hits amid energy dispute

Tether's Bitcoin mining expansion plans in Uruguay have stalled as Uruguay's national utility UTE cut off electricity supply from its local partner Microfin due to debts of more than $5 million, resulting in a suspension of operations in the Flores Island and Florida areas. The USDT issuer entered Uruguay in 2023 to mine with renewable energy. Despite a memorandum signed in June, the company still faces challenges in energy contract guarantees and electricity price disputes. The setback has raised questions about its viability in high-cost markets as Tether's broader plan to control 1% of the world's Bitcoin network has been hampered.