Brazilian solar firm Thopen considers Bitcoin mining to absorb surplus power

Brazilian star powerfulness shaper Thopen is exploring a determination into Bitcoin mining arsenic a mode to sorb surplus vigor generated by the country’s fast-growing renewable sector, the company’s CEO told section outlet BN Americas.

Gustavo Ribeiro, who is CEO of Thopen and its bulk owner, Pontal Energy, told BN Americas the institution is considering expanding into Bitcoin (BTC) mining, according to a Wednesday report. When asked however Thopen plans to code Brazil’s vigor oversupply, Ribeiro said the institution is mitigating the contented done diversification.

He added that the institution is besides “evaluating solutions specified arsenic information centers and Bitcoin mining adjacent the load to sorb locally generated energy.”

The remarks travel an aboriginal October Reuters report that respective crypto mining companies are negotiating with Brazilian energy providers to capitalize connected the country’s renewable powerfulness surplus.

Brazil’s renewable vigor percent chart. Source: OurWorldInData

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Brazil’s vigor oversupply

Brazil is presently facing an oversupply of energy from its rapidly increasing renewable vigor industry. An August Reuters report indicated that the country’s authorities planned to solicit 2 rounds of bidding successful 2026 for hydroelectric and fossil-fuel thermal powerfulness plants to unafraid reliable vigor and trim reliance connected intermittent powerfulness sources, specified arsenic upwind and solar.

Solar powerfulness suppliers successful Brazil are facing curtailment, limiting the magnitude of vigor they tin proviso to the grid. Curtailment is “a situation for the sector,” according to Ribeiro, who views converting vigor into superior done Bitcoin mining arsenic a imaginable solution.

Related: US vigor caput floats faster nonstop grid entree for AI and crypto miners

Energy companies leap into mining

Brazil is not the lone state wherever companies operating successful the vigor manufacture presumption crypto mining arsenic a profitable prospect. Union Jack Oil, a publically traded United Kingdom-based vigor company, announced implicit the summertime that it plans to person earthy state from its West Newton tract into energy to powerfulness Bitcoin mining successful an “oil-to-crypto” monetization project.

In June, Canadian cultivation steadfast AgriFORCE Growing Systems launched a akin initiative. The institution announced it would usage stranded state to powerfulness 120 Bitcoin mining rigs, with plans for further expansion.

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