Tether explores Bitcoin mining project in Brazil: check details
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Tether, the world’s largest stablecoin issuer, has signed a Memorandum of Understanding (MOU) with Brazilian energy and agriculture firm Adecoagro to explore the potential for Bitcoin mining using renewable power.
As per the MoU, Tether, in partnership with Adecoagro, plans to mine Bitcoin using the Brazil-based renewable power provider’s surplus energy.
“In addition to monetizing surplus energy, Adecoagro recognizes that Bitcoin may become a new source of long-term value, like its farmland assets, and plans to use this mining project to initiate certain strategic exposure to Bitcoin in its balance sheet,” Adecoagro said Thursday in a statement.
Tether’s plans with Adecoagro
In May, Tether acquired a 70% stake in Adecoagro, marking the stablecoin issuer’s latest push into real-world assets and infrastructure.
Adecoagro, which operates across South America, produces over 230 megawatts of power from renewable sources.
“This project opens the door to stabilizing a portion of the energy we currently sell on the spot market, locking in pricing, while also gaining exposure to the upside potential of bitcoin,” said CEO Mariano Bosch.
Tether, the issuer of the USDT stablecoin, has in recent months stepped up deployment of its profits across a broad set of industries, including artificial intelligence, peer-to-peer communications, and bitcoin mining.
The move follows the appointment of Paolo Ardoino as CEO in 2023, under whom the company has pursued more aggressive investment in infrastructure tied to the broader crypto ecosystem.
“The design and operation of the project benefits from significant synergies between Adecoagro’s energy and industrial expertise and Tether’s capabilities in the digital asset space,” the company added in the press release.
Tether’s Bitcoin mining plans
The collaboration is part of Tether’s broader push to expand its portfolio of sustainable, infrastructure-backed investments.
“We’re proud to collaborate with Adecoagro. This project is another step in our growing commitment to renewable-powered bitcoin mining,” said Paolo Ardoino, CEO of Tether.
He added that Tether is focused on building robust energy infrastructure and supporting decentralised networks, both of which align with Adecoagro’s existing capabilities in renewable energy.
The new facility will run on Tether Mining OS, the company’s operating system for managing mining operations.
Tether plans to open-source the software in the coming months.
“The project will be operated using Tether’s Mining OS for site management, which will be open-sourced in the coming months,” as per the press release.
Tether’s experience in the digital asset sector and growing mining footprint are expected to play a key role in making the partnership operationally efficient and aligned with long-term sustainability goals.
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