Tether's Uruguay Bitcoin Mining Venture Suspended After Dispute Over Power Contract
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Reuters reports Tether's $120m Uruguay bitcoin mining project halted after a power-contract dispute with state utility UTE, leading to power cuts, unpaid bills, and layoffs. The development highlights operational and counterparty risk in energy-linked mining strategies and could weigh on sentiment toward corporate mining expansion in emerging markets. Tether's continued regional push via Adecoagro mitigates longer-term implications.
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Tether's bitcoin mining operation in Uruguay has been brought to a standstill following a contract dispute with state-owned utility UTE, Reuters reported. The project, which included investments in mining facilities, was expected to total about $120 million.
The conflict centered on how to interpret the contracted electricity volume. Tether treated the figure as a minimum guaranteed supply, while UTE viewed it as a maximum ceiling. With negotiations over revised terms failing and electricity bills remaining unpaid, UTE cut power to both mining sites on July 25, 2025.
Tether has since halted its Uruguay operations and laid off most local employees. The company had previously described the Uruguay buildout as its "first step" into South America's bitcoin mining market.
Despite the setback, Tether is still expanding its regional energy and mining presence. It previously acquired a 70% stake in renewable energy company Adecoagro and plans to use surplus electricity for bitcoin mining.
