Tether’s abandoned Bitcoin mining venture in Uruguay, where a former contractor estimated spending of about $120 million across two sites, is casting a shadow over the stablecoin issuer’s smaller renewable-energy pilot in Brazil with Adecoagro. Tether’s local entity Microfin and state utility UTE clashed over electricity terms—Microfin treating the contracted allocation as a minimum that could expand, UTE as a maximum—with the dispute underway by late 2024. Microfin stopped paying power bills in May 2025, signaled contract termination in June, failed to complete revised terms, and saw both Florida-department sites disconnected on July 25 while owing nearly $5 million, with monthly costs around $2 million. By November 2025 Tether notified labor authorities it would cease operations and cut most staff, including 30 of 38 local jobs, before settling the UTE debt in December. Adecoagro visited the Uruguay facility in February 2025 and later announced a memorandum of understanding for a Brazil pilot often tied to 230 MW; Adecoagro said the pilot would use only about 10 MW of surplus renewable energy otherwise sold into the spot market, with the larger figure reflecting its broader South American generation capacity. Uruguay’s collapse shows renewable availability alone does not ensure a workable mining operation without clear power terms, dependable capacity, and sustainable economics.