Tether, one of the largest companies in the cryptocurrency space, and Adecoagro, a Latam-based agricultural company, have teamed up to explore new bitcoin mining opportunities in Brazil. The two companies have signed a Memorandum of Understanding (MoU) to this end, aiming to monetize the energy surpluses of Adecoagro’s renewable energy generation.

While Adecoagro is currently selling this excess energy at spot market prices, this collaboration would allow the two companies to invest in a new reserve asset, potentially increasing the revenue obtained from this green energy.

Mariano Bosch, Co-Founder and Chief Executive Officer of Adecoagro, stressed that the company was “excited to explore innovative ways to maximize the value of our renewable energy assets.” The company is also considering long-term exposure to bitcoin, meaning that some of the digital assets mined could be kept in its balance sheet. This would include Adecoagro in the select group of bitcoin treasury companies (BTCs) based in Latam, alongside Brazil’s Meliuz and Mercado Libre.

Tether CEO Paolo Ardoino highlighted the relevance of this move for the two companies, declaring that it was “another step in our growing commitment to renewable-powered bitcoin mining and highlights the potential to align agricultural energy production with cutting-edge digital infrastructure.”

Adecoagro has nearly 230 MW of green generation across the continent, but it is still unknown how much of this will be leveraged for this project. The location of this new mining site was not disclosed.

The move is perceived as a follow-up to Tether’s takeover of Adecoagro and its operations in Latam, purchasing 70% of the company for over $600 million in April. In 2024, Tether invested $100 million to acquire nearly 10% of the company.

Read more: Tether Invests $100 Million in Latam’s Agricultural Giant Adecoagro

Read more: Tether Completes $615 Million Purchase of Latam Agricultural Giant Adecoagro

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