Adecoagro, Tether to power bitcoin mining with renewable energy in Brazil

Adecoagro (AGRO) and Tether (USDT) Holdings announced that they have signed a Memorandum of Understanding to explore a strategic collaboration focused on bitcoin (BTC) mining. “Adecoagro has more than 230 MW of electrical generation capacity from renewable sources across South America, and this joint project allows them to assess the potential of bitcoin mining as an alternative demand. 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. 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 project will be operated using Tether’s Mining OS for site management, which will be open-sourced in the coming months. In accordance with Adecoagro’s bylaws regarding Related Party Transactions, the Company’s Independent Committee has reviewed and approved the pilot project. Both companies will provide further updates as the project evolves,” the companies stated.