Tether has unveiled its latest planned Bitcoin mining expansion as the stablecoin issuer continues to diversify its operations. The firm has signed a memorandum of understanding with Brazil-based renewable power provider Adecoagro to mine bitcoin using its surplus energy.

In May, Tether announced that it acquired a 70% stake in Adecoagro, an agriculture and energy company operating in Latin America.

Adecoagro says it generates more than 230 megawatts of electrical generation capacity from renewable sources across South America. "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," Adecoagro CEO Mariano Bosch said.