Tether closes Uruguay Bitcoin mining project due to power supply contract dispute with UTE

According to Bitcoin.com News, Tether has two mines in Florida Province, Uruguay, with investments of $60 million each and a total of approximately $120 million. Uruguay's state-owned power company UTE and Tether have a dispute over the amount of power supply contract. Tether's Uruguayan entity Microfin has stopped paying electricity bills. UTE cut off power supply to the mine on July 25, 2025, and Microfin owes nearly $5 million, with a monthly electricity bill of about $2 million. Tether notified the Uruguayan labor department on November 25, 2025 to cease operations, resulting in the cancellation of 30 out of 38 local positions. UTE stated that Microfin had settled its outstanding debts in December.