Tether and Adecoagro to Launch Bitcoin Mining in Brazil

The stablecoin issuer Tether and the South American agribusiness Adecoagro have agreed to collaborate on mining the leading cryptocurrency. The companies have signed a memorandum of understanding.

As part of the project, the partners will explore the use of renewable energy sources for bitcoin mining. Adecoagro owns generating capacities of 230 MW in South America.

For the agribusiness, mining is a way to monetize excess energy and stabilize its prices. Currently, the company sells part of its resources on the spot market. Adecoagro also plans to add the mined bitcoins to its balance sheet. The company believes that the leading cryptocurrency could become a long-term asset akin to agricultural land.

Tether’s CEO Paolo Ardoino stated that the project is part of the firm’s strategy to support energy infrastructure and develop mining using renewable sources.

“This project is another step in our commitment to bitcoin mining with renewable energy. It highlights the potential to align agricultural energy production with cutting-edge digital infrastructure,” he noted.

The deal was overseen by Tether’s head of business initiatives and Adecoagro’s board chairman, Juan Sartori. Due to the connection between the parties, the pilot project was approved by an independent committee of Adecoagro.

The farm will be managed using the Tether Mining OS. In the coming months, the company plans to open its source code.

Back in July, the issuer signed a memorandum of understanding with the Zanzibar e-Government Agency.