Power Dispute Ends Uruguay Operation
The company reportedly invested around $120 million across two mining sites, which were meant to serve as a starting point for expanding its Mining operations across South America.
Electricity Became the Breaking Point
The dispute centered on how much electricity Tether was entitled to receive. Tether viewed its agreement as allowing the power supply to increase, while Uruguay’s utility considered the contracted amount a maximum limit.
After negotiations failed and electricity bills went unpaid, power was eventually cut to the mining sites in July 2025. Tether later shut down the operation and laid off most of its local staff.
A Tough Market for Bitcoin Mining
The setback comes as Bitcoin Mining faces rising energy costs and tighter profit margins following the 2024 halving.
Despite leaving Uruguay, Tether continues to invest heavily in energy and Mining infrastructure elsewhere, including projects in Brazil.
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