Tether and Adecoagro to Harness Renewable Energy for Bitcoin Mining in Brazil

The issuer of stablecoins, Tether, has partnered with South American agricultural holding Adecoagro to collaborate in the area of Bitcoin mining. The two companies have signed a memorandum of understanding.

As part of this initiative, the partners will investigate the potential for utilizing renewable energy sources in Bitcoin mining. Adecoagro boasts generating capacity of 230 MW in South America.

For the agricultural company, mining serves as a means to monetize excess energy and stabilize energy prices. Currently, a portion of their resources is sold on the spot market. Furthermore, Adecoagro plans to incorporate mined Bitcoins into its balance sheet, believing that the leading cryptocurrency could become a long-term asset similar to agricultural land.

Tether’s Chief Technology Officer, Paolo Ardoino, stated that this project aligns with the firm’s strategy to support energy infrastructure and promote mining using renewable sources.

“This initiative represents a further commitment to Bitcoin mining powered by renewable energy. It emphasizes the potential synergy between agricultural energy production and advanced digital infrastructure,” he remarked.

The deal was managed by Tether’s Business Initiatives Head and Adecoagro’s Chairman of the Board, Juan Sartori. Given the connection between the parties, an independent committee from Adecoagro approved the pilot project.

The mining operation will be managed using Tether Mining OS, with plans to release its source code in the coming months.

Additionally, it’s worth noting that on July 1, Tether signed a memorandum of understanding with the Zanzibar e-Government Agency.