Brazilian solar energy producer Thopen is exploring a transfer into Bitcoin mining as a approach to take up surplus power generated by the nation’s fast-growing renewable sector, the corporate’s CEO advised native outlet BN Americas.
Gustavo Ribeiro, who’s CEO of Thopen and its majority proprietor, Pontal Power, advised BN Americas the corporate is contemplating increasing into Bitcoin (BTC) mining, in line with a Wednesday report. When requested how Thopen plans to deal with Brazil’s power oversupply, Ribeiro stated the corporate is mitigating the problem by diversification.
He added that the corporate can also be “evaluating options reminiscent of knowledge facilities and Bitcoin mining close to the load to soak up domestically generated power.”
The remarks observe an early October Reuters report that a number of crypto mining firms are negotiating with Brazilian electrical energy suppliers to capitalize on the nation’s renewable energy surplus.
Brazil’s renewable power proportion chart. Supply: OurWorldInData
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Brazil’s power oversupply
Brazil is presently going through an oversupply of electrical energy from its quickly rising renewable power business. An August Reuters report indicated that the nation’s authorities deliberate to solicit two rounds of bidding in 2026 for hydroelectric and fossil-fuel thermal energy vegetation to safe dependable power and scale back reliance on intermittent energy sources, reminiscent of wind and photo voltaic.
Solar energy suppliers in Brazil are going through curtailment, limiting the quantity of power they’ll provide to the grid. Curtailment is “a problem for the sector,” in line with Ribeiro, who views changing power into capital by Bitcoin mining as a possible resolution.
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Power firms soar into mining
Brazil will not be the one nation the place firms working within the power business view crypto mining as a worthwhile prospect. Union Jack Oil, a publicly traded United Kingdom-based power firm, introduced over the summer time that it plans to transform pure fuel from its West Newton website into electrical energy to energy Bitcoin mining in an “oil-to-crypto” monetization mission.
In June, Canadian agricultural agency AgriFORCE Rising Methods launched an identical initiative. The corporate introduced it might use stranded fuel to energy 120 Bitcoin mining rigs, with plans for additional growth.
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