$120 Million Wiped Out Overnight! Crypto's Most Stable Giant 'Crashes' in South America
- Tether's Bitcoin mining farm in Uruguay, valued at approximately $120 million, was shut down on July 25, 2025.
- 30 out of 38 local employees lost their jobs due to the shutdown.
- The project faced a critical dispute over electricity supply, leading to power curtailments and revenue loss.
- Microfin, Tether's local partner, stopped paying electricity bills and terminated the contract in June 2025.
- The collapse highlights the risks of heavy-asset investments in regions with changing political landscapes.
On July 25, 2025, Tether's Bitcoin mining farm in Uruguay was shut down, resulting in a loss of approximately $120 million and the layoff of 30 employees. The facility had been operational for two years but faced significant challenges related to electricity supply agreements with UTE, Uruguay's state-owned power company.
Initially, Tether's investment in the mining farm was seen as a promising venture, leveraging Uruguay's renewable energy resources. However, disputes arose over the interpretation of electricity supply contracts, leading to power shortages that severely impacted mining operations.
By mid-2025, Microfin, Tether's local partner, ceased payments for electricity and formally ended the contract, prompting UTE to cut off power. The situation escalated quickly, with Microfin's outstanding bills reaching nearly $5 million before the shutdown.
The collapse of this project serves as a cautionary tale for companies investing heavily in foreign markets, emphasizing the importance of clear contractual agreements and stable political conditions for long-term operations.
1.2亿美元一夜蒸发！加密货币最稳定巨头在南美“崩溃”
2025年7月25日，Tether在乌拉圭的比特币矿场关闭，导致约1.2亿美元的损失和30名员工的失业。该设施运营了两年，但面临与乌拉圭国有电力公司UTE之间电力供应协议的重大挑战。
最初，Tether对矿场的投资被视为一个有前景的项目，利用了乌拉圭的可再生能源资源。然而，电力供应合同的解释出现争议，导致电力短缺，严重影响了矿业运营。
到2025年中，Tether的当地合作伙伴Microfin停止支付电费，并正式终止合同，促使UTE切断电力供应。情况迅速升级，Microfin的未付款项在关闭前已接近500万美元。
该项目的崩溃为在外国市场进行重资产投资的公司敲响了警钟，强调了明确合同协议和稳定政治环境对长期运营的重要性。