Tether Shuts Down Uruguay Bitcoin Mining Operations After Power Contract Dispute
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Tether's Uruguay bitcoin mining initiative has effectively shut down after a power-supply contract dispute with state utility UTE, including a temporary power cut and subsequent workforce reductions. While the project's scale (~$120m planned capex) is meaningful locally, the operational halt appears idiosyncratic and does not materially change network mining economics. The episode highlights jurisdictional and counterparty risks for energy-linked mining expansion.
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Tether has halted its Uruguay bitcoin mining venture following a dispute with state power utility UTE over electricity supply terms, according to Bitcoin.com News.
The stablecoin issuer entered the country in May 2023, saying it would work with locally licensed partners to develop sustainable bitcoin mining and invest in energy production. The plan centered on two mining sites in Florida Department, with expected spending of about $60 million per facility, or roughly $120 million in total.
Tether's local entity, Microfin, stopped paying electricity bills in May 2025 and informed UTE in June that it intended to terminate the power contract. On July 25, UTE cut electricity to the mining facility. Microfin's unpaid balance was nearly $5 million, while monthly power costs were estimated at about $2 million.
On Nov. 25, 2025, Tether notified Uruguay's labor authorities that operations were being discontinued, eliminating 30 of 38 local roles. UTE said Microfin had cleared all outstanding debts by December. Uruguay generated 98% of its electricity from renewable sources in 2025.
