Tether abandons Uruguay bitcoin mines
Tether has walked away from two bitcoin mining facilities in Uruguay after a prolonged dispute with state utility UTE over how much power the sites were entitled to, ending a roughly $120 million investment. The local operator Microfin and UTE disagreed on whether a contract figure was a minimum or a hard maximum, and the mines sometimes went days without enough power. Microfin stopped paying bills in May 2025, UTE cut power on July 25 with about $5 million outstanding, and Microfin later cleared the debt in December; Tether quickly struck a Brazil deal in July 2025.
Tether abandoned two Uruguay mines after a power contract dispute.
Context
Tether opened the Uruguay sites as a test base in May 2023. Contract and power disputes grew by November 2024 and payments stopped by mid 2025. The company then moved to a Brazil deal in July 2025.
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