Tether's Uruguay Mining Failure Shadows Brazilian Renewable-Energy Venture

Tether's abandoned Bitcoin mining project in Uruguay has raised concerns about the stablecoin issuer's smaller renewable-energy venture in Brazil.

The issue began with a dispute between Tether's local entity, Microfin, and state utility UTE over electricity use terms for the Uruguayan sites.

The disagreement, which started by late 2024, led to Microfin stopping power bill payments in May 2025. Tether later failed to complete revised terms with UTE, resulting in site disconnections on July 25.

Microfin had notified labor authorities that it would cease operations and lay off most staff by November. The company eventually settled its outstanding debt to UTE in December.