According to The Block: Tether signed a memorandum of understanding with Brazilian renewable energy company Adecoagro to utilize its surplus energy to mine Bitcoin.
Stablecoin issuer Tether is expanding its Bitcoin mining business and announced it has signed a memorandum of understanding with Brazil-based renewable energy company Adecoagro to utilize its excess electricity resources for mining.
Adecoagro stated in a statement on Thursday: "In addition to monetizing remaining energy, we recognize that Bitcoin could serve as a long-term store of value asset, similar to the agricultural land we own. Therefore, we plan to gain a strategic exposure to Bitcoin on our balance sheet through this mining project."
In May of this year, Tether announced it had acquired a 70% stake in Adecoagro. The company is engaged in agriculture and energy production in Latin America, with over 230 megawatts of renewable energy generation capacity.
Adecoagro CEO Mariano Bosch said: "This project provides us with an opportunity to stabilize our current electricity sales in the spot market — through fixed electricity prices, while gaining exposure to the potential future appreciation of Bitcoin."
Tether's diversification strategy continues to advance.
Since Paolo Ardoino took over as CEO in 2023, Tether has invested its profits on a large scale in multiple areas, including:
peer-to-peer communication technology,
artificial intelligence technology,
as well as the global Bitcoin mining network.
Currently, USDT issued by Tether is the largest stablecoin by trading volume and market capitalization globally. According to data from the U.S. Treasury, about 81% of Tether's $149 billion reserves are U.S. Treasury bonds, making it one of the largest holders of U.S. debt, larger than both the UAE and Germany.
Tether launched mining projects in Uruguay and Paraguay as early as 2023, taking full advantage of the region's abundant renewable energy resources. In addition:
It has also invested in El Salvador's volcanic mining project,
and holds shares in mining companies Bitdeer and Northern Data,
It also supports the development of the Bitcoin Mining Operating System, which is used to modularly manage mining facilities.
Adecoagro's plan to introduce Bitcoin on its balance sheet also aligns with the growing trend of more companies treating Bitcoin as a reserve asset. For example, American Bitcoin, supported by the Trump family, has collaborated with mining company Hut 8 to develop a plan for building a Bitcoin reserve based on mining rewards.
