Tethers Rückzug aus dem Uruguay-Mining zeigt das Risiko ungesicherter Stromlieferungen

Coinspeaker · 2026-08-24T07:53:02.000Z

Tether hat einen Bitcoin-Mining-Ausbau in Uruguay aufgegeben, den ein ehemaliger Auftragnehmer auf rund 120 Mio. US-Dollar geschätzt hatte, nachdem es zu einem Streit mit dem staatseigenen Versorgungsunternehmen Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE) gekommen war. Der Streit dreht sich darum, wie viel Strom der Vertrag des Stablecoin-Emittenten tatsächlich garantiert hat, wie eine von Kontan eingesehene Reuters-Untersuchung ergeben hat. Das ist nicht nur ein ins Stocken geratener Bauauftrag. Es ist ein Fallbeispiel dafür, wie eine einzelne Klausel in einem Stromliefervertrag und ein Regierungswechsel eine mehrjährige Industrieverpflichtung auflösen können – selbst für ein Unternehmen, das rund 183 Mrd. US-Dollar an Stablecoin-Emissionen kontrolliert.

Tether has abandoned a Bitcoin mining buildout in Uruguay that a former contractor estimated cost roughly $120M, after a dispute with state-owned utility Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE).
The dispute is over how much electricity the stablecoin issuer’s contract actually guaranteed, according to a Reuters investigation reviewed by Kontan.
This is not simply a stalled construction project. It is a case study in how a single clause in a power supply contract and a change of government can unwind a multi-year industrial commitment, even for a company controlling roughly $183Bn in stablecoin issuance.
TETHER’S $120 MILLION URUGUAY BITCOIN MINING BET UNRAVELS
Tether abandoned two Bitcoin mining sites in Uruguay after a dispute with state utility UTE over how much electricity the operations could access, according to Reuters.
A former contractor estimated Tether invested… pic.twitter.com/0VUMuY2uUL
— Bitcoin News (@BitcoinNewsCom) August 21, 2026
The Tether Bitcoin Mining Contract Dispute in Uruguay that Led to the Operation Being Canned
Tether announced plans in 2023 to build two mining sites in Uruguay’s Florida Department, framing the country as an ideal location given its renewable energy supply, grid reliability, political stability, and favorable tax treatment.
The local entity, Microfin, operated both facilities and initially generated revenue without incident. The conflict centered on interpretation: Tether and a former contractor read the contracted electricity figure as a minimum baseline that could be scaled up as the facilities expanded.
This is while UTE treated the same number as a maximum allocation that could not be exceeded without a new agreement, according to a former Tether contractor and a source at UTE.
Internal UTE documents from 2025, reviewed by Reuters, show the disagreement dated back to at least November 2024, and as demand grew, the sites reportedly went days without sufficient power.
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Background: A Political Shift Hardens UTE’s Position on Bitcoin Mining
🐋 WHALE WATCH : Tether dropped $120 MILLION to build a Bitcoin mining hub in Uruguay.
only for the local state utility to literally pull the plug.
Contract disputes + unpaid power bills = dark facilities and halted expansion plans across South America.
You can print… pic.twitter.com/XOeg83KQyp
— Whale Factor (@WhaleFactor) August 24, 2026
The dispute escalated after Uruguay’s leftist government took office in March 2025 and installed new UTE leadership that took a firmer stance on Tether’s renegotiation requests.
Two months later, in May 2025, Microfin stopped paying its electricity bills, and by June it had notified UTE of its intent to terminate the contract.
UTE’s board approved a memorandum of understanding and a draft new contract, but Tether representatives did not appear for the signing. With the memorandum unsigned and bills unpaid, UTE cut power to the sites on July 25, 2025.
In November 2025, Tether informed Uruguay’s labor authorities it would halt operations and lay off most staff; Microfin settled its outstanding debt with UTE in December 2025.
Industry Implication: Cheap Power Is Not Guaranteed Power
Tether CEO Paolo Ardoino has said the company has invested more than $2Bn in energy production and Bitcoin mining, with Uruguay initially envisioned as a first step toward larger South American markets including Brazil, Paraguay, and Argentina.
Talos senior analyst Tanay Ved noted that miners are now leaning on more efficient hardware, cheaper power sources, and diversification into artificial intelligence (AI) and high-performance computing to preserve margins after the April 2024 halving compressed rewards.
Crypto mining specialist Nicolas Ribeiro argued that Uruguay’s reliable grid and strong connectivity suit AI data centers better than Bitcoin mining, since mining profitability depends on access to cheap electricity.
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