Tether’s two Uruguay mining sites cost an estimated $120 million.
A dispute with state utility UTE centered on how much electricity the sites could draw.
UTE disconnected both facilities in July 2025 after bills went unpaid.
Tether has continued pursuing Bitcoin mining elsewhere in South America.
Tether’s attempt to establish Uruguay as a launchpad for a larger South American Bitcoin mining business ended with two abandoned facilities after a contractual dispute with state-owned electricity provider UTE. The sites, estimated by a person with direct knowledge to have cost about $120 million, lost power in July 2025, according to documents and interviews reviewed by Reuters, turning what began as a renewable-energy mining expansion into a costly example of how electricity contracts can determine the economics of industrial-scale Bitcoin production.
A Power Contract Became the Project’s Central Problem
When Tether announced its Uruguay expansion in 2023, the country appeared well
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