Thopen, a prominent solar power producer in Brazil, is considering a foray into Bitcoin mining to utilize excess energy generated by the burgeoning renewable energy sector, as per the company’s CEO in an interview with BN Americas.
Gustavo Ribeiro, CEO of Thopen and majority owner of Pontal Energy, mentioned to BN Americas that the firm is looking into Bitcoin (BTC) mining expansion, according to a report released Wednesday. When addressing Brazil’s surplus energy issue, Ribeiro indicated that diversification is part of the company’s strategy.
He added that the firm is also “exploring options like data centers and Bitcoin mining close to the load to leverage locally sourced energy.”
This statement aligns with an early October Reuters report stating that various crypto mining firms are engaging with Brazilian electricity suppliers to benefit from the nation’s renewable energy surplus.
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Brazil’s energy oversupply
Currently, Brazil is experiencing a surplus of electricity from its swiftly expanding renewable energy sector. An August Reuters report indicated that the government is planning to conduct two rounds of bidding in 2026 for hydroelectric and fossil-fuel thermal power plants to ensure stable energy supply and lessen dependence on variable sources like wind and solar.
Brazilian solar energy producers are facing curtailment, which restricts how much energy they can contribute to the grid. Ribeiro described curtailment as “a challenge for the sector,” articulating that transforming energy into capital through Bitcoin mining could be a viable solution.
Related: US energy secretary discusses faster direct grid access for AI and crypto miners
Energy companies dive into mining
Brazil isn’t alone; other nations are witnessing energy firms tapping into crypto mining as a lucrative opportunity. Union Jack Oil, a publicly traded energy company in the UK, announced during the summer its plan to convert natural gas from its West Newton site into electricity for Bitcoin mining in an initiative termed “oil-to-crypto” monetization.
In June, Canadian agricultural enterprise AgriFORCE Growing Systems unveiled a similar plan, indicating its intent to use stranded gas to power 120 Bitcoin mining rigs with intentions for future expansion.
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