Tether's $120 Million Bitcoin Mining Push in Uruguay Falls Apart
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Reuters reports Tether abandoned two Uruguay Bitcoin mining sites after a power-allocation dispute with state utility UTE, following bill nonpayment and a July cutoff. The ~$120m project was pitched as a renewable-powered template for broader South American expansion, so its failure highlights execution and counterparty/regulatory risk in energy-linked mining. Near term, this may weigh on sentiment around large-scale mining buildouts and crypto infrastructure reliability.
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Tether has abandoned two Bitcoin mining facilities in Uruguay following a dispute with state-owned utility UTE over how much electricity the sites could draw, Reuters reported. A former contractor said Tether invested about $60 million in each location, putting the total near $120 million.
Tether unveiled the Uruguay expansion in 2023, describing the country as a "perfect platform" thanks to renewable power and a stable grid. The sites generated revenue early on, but later ran into problems securing sufficient electricity to operate consistently.
The standoff intensified in 2025. Tether's local unit stopped paying power bills, and UTE cut electricity to the facilities in July. Tether subsequently halted operations and laid off most employees. The outstanding debts were settled in December.
Uruguay was reportedly meant to serve as a pilot for a wider South American mining rollout. Tether has said it has invested more than $2 billion globally in energy generation and Bitcoin mining.
