According to a report by Reuters, Tether’s Bitcoin mining project in Uruguay has ultimately come to a halt due to a power supply contract dispute with the local state-owned electricity company UTE, with an estimated investment scale of about $120 million. The two parties have differences regarding the contracted power supply amount, with Tether believing the relevant figure is the minimum guaranteed supply, while UTE considers it the maximum supply limit.

Due to the failure to sign a new agreement and overdue electricity payments, UTE cut off power supply to two mining sites on July 25, 2025. Tether subsequently ended its local operations and laid off most of its employees. The Uruguay project was seen by Tether as the “first step” into the South American Bitcoin mining market. However, Tether continues to expand its regional energy and mining layout, having previously acquired a 70% stake in the renewable energy company Adecoagro and plans to utilize its remaining electricity for Bitcoin mining.