Tether to mine Bitcoin in Brazil… Launching mining initiative using renewable energy

Tether (USDT) is launching a Bitcoin (BTC) mining project in Brazil utilizing renewable energy.

On the 3rd (local time), Tether announced that it had signed a Memorandum of Understanding (MOU) for a strategic partnership for Bitcoin mining with Adecoagro, a major agricultural company in South America. Adecoagro is a company that owns large-scale agricultural production facilities in three countries: Brazil, Argentina, and Uruguay. Tether is the majority shareholder of Adecoagro with approximately a 70% stake.

Through this partnership, Tether plans to promote a renewable energy-based Bitcoin mining business in Brazil. According to Tether, Adecoagro has renewable energy generation facilities with a capacity of 230MW (megawatts) in South America. Tether stated, “Bitcoin mining is emerging as a tool to monetize surplus energy and enhance grid stability,” adding, “We aim to find new efficiencies at the intersection of technology and infrastructure using renewable energy.”

Paolo Ardoino, the Chief Executive Officer (CEO) of Tether, said, “This project is part of our ongoing efforts for renewable energy-based Bitcoin mining,” and added, “(Through the partnership with Adecoagro) we hope to increase energy efficiency and play a role in responsible innovation at the crossroads of technology and sustainability.” Mariano Bosch, co-founder of Adecoagro, commented, “We will seek ways to maximize the value of renewable energy assets (with Tether).”