Tether Shuts Down Bitcoin Mining Project in Uruguay with an Investment of $120 Million
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Tether launched a Bitcoin mining project in Uruguay in May 2023, planning to invest $120 million across two mining sites, each with an investment of $60 million. Due to disagreements with Uruguay's state-owned power company UTE regarding the power supply contract limits, Tether's Microfin ceased paying electricity bills in May 2025 and notified the termination of the contract in June. On July 25, UTE cut off power to the mining sites, with Microfin owing nearly $5 million and monthly electricity costs around $2 million. On November 25, 2025, Tether informed the Uruguayan labor department of the cessation of operations, resulting in the cancellation of 30 out of 38 local jobs. UTE stated that Microfin settled its debts in December, and 98% of Uruguay's electricity generation in 2025 came from renewable sources.
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