Tether Halts Uruguay Bitcoin Mining Operations After Power Negotiations Collapse

Tether's ambitious Bitcoin mining expansion hits a wall in Uruguay as energy talks break down.

The Power Struggle

Failed negotiations with Uruguayan energy providers forced Tether to abandon its mining operations in the country. The stablecoin giant's plans to leverage Uruguay's renewable energy infrastructure collapsed when power providers walked away from the table.

Mining Momentum Stalls

Just when Bitcoin mining was gaining global traction, Tether's retreat marks a significant setback. The company's inability to secure favorable energy terms highlights the growing challenges facing crypto mining operations worldwide.

Energy Economics Bite Back

Uruguay's rejection signals that even renewable energy-rich nations are becoming selective about crypto mining partnerships. Another reminder that when the electricity bill arrives, even blockchain believers become practical accountants.

TLDRs;

• ByteDance is considering selling Moonton to Savvy Games Group as part of a broader pullback from gaming.
• Mobile Legends remains hugely profitable in Southeast Asia but faces rising U.S. competition and slowing momentum.
• A Savvy Games acquisition could accelerate the game’s expansion across the Middle East and North Africa region.
• ByteDance’s internal restructuring and U.S. divestment pressures add context to its shifting long-term priorities.

ByteDance is in early discussions to sell Shanghai Moonton Technology, the studio behind Mobile Legends: Bang Bang, to Saudi Arabia–based Savvy Games Group, according to people familiar with the matter.

While the discussions remain fluid, the potential sale underscores the Chinese tech giant’s continued recalibration of its non-core business units, especially after months of tightening global regulatory scrutiny and internal restructuring.

Savvy Games Group, backed by Saudi Arabia’s Public Investment Fund, has spent the last three years accelerating its push into global gaming as part of the kingdom’s Vision 2030 digital economy strategy. Acquiring Moonton WOULD give Savvy control of one of the most recognizable multiplayer battle arena titles across Southeast Asia.

ByteDance purchased Moonton in 2021 at a valuation of roughly US$4 billion, signaling at the time an ambitious gaming strategy under its Nuverse division. But momentum has cooled, and the company has since scaled back its gaming ambitions, cutting staff and shuttering projects.

Mixed Performance and Market Pressure

Despite its enduring dominance in Southeast Asia, Mobile Legends has experienced uneven performance in new markets. During Q4 2024, the game generated a peak weekly U.S. revenue of about US$1.1 million, competitive, but increasingly pressured by Riot’s Wild Rift, which hit US$544,000 in the same period.

The title has earned an estimated US$307 million in Southeast Asia since its debut and was the region’s highest-performing mobile MOBA outside China in 2020. However, with average revenue per install at around US$1.80 and shifting post-pandemic valuations, analysts suggest Moonton may be entering a plateau phase.

For ByteDance, which has been absorbing cost pressures while winding down Nuverse, a Moonton sale could represent a strategic decision to prioritize stable, higher-margin businesses such as short-form video and enterprise AI.

Savvy Games Eyes Regional Growth 

If the deal proceeds, Savvy Games could rapidly leverage Moonton’s strong Southeast Asian presence to replicate success in the Middle East and North Africa. Analysts point to Saudi Arabia, the UAE, and Egypt as immediate priority markets where localized content, Arabic voiceovers, and regional esports events could be deployed.

Savvy recently launched Mirai, a new production facility in Riyadh, and has been working with global partners including Side (voice and localization services) and Territory Studio (cinematics and motion design). These investments signal a push to elevate the MENA gaming ecosystem, opening doors for firms specializing in QA testing, UI/UX, esports broadcasting, and community management.

Industry insiders expect additional infrastructure and content procurement to ramp up starting Q4 2025, when Savvy’s new facilities come online. That schedule aligns with Saudi Vision 2030 plans mandating talent development and regional industry expansion.

ByteDance’s Broader Corporate Moves Add Context

The potential Moonton sale comes weeks after ByteDance launched a new share buyback program at US$200.4 per share, valuing the company around US$330 billion. The tech giant is simultaneously preparing to divest its U.S. TikTok operations ahead of a January 2026 regulatory deadline.

Against this backdrop, analysts say ByteDance is redirecting resources toward Core growth sectors and stabilizing its global valuation. A Moonton sale would fit a broader pattern of strategic simplification amid a more complex geopolitical landscape.