Brazilian solar power producer Thopen is exploring a move into Bitcoin mining as a way to absorb surplus energy generated by the country’s fast-growing renewable sector, the company’s CEO told local outlet BN Americas.
Gustavo Ribeiro, who is CEO of Thopen and its majority owner, Pontal Energy, told BN Americas the company is considering expanding into Bitcoin (BTC) mining, according to a Wednesday report. When asked how Thopen plans to address Brazil’s energy oversupply, Ribeiro said the company is mitigating the issue through diversification.
He added that the company is also “evaluating solutions such as data centers and Bitcoin mining near the load to absorb locally generated energy.”
The remarks follow an early October Reuters report that several crypto mining companies are negotiating with Brazilian electricity providers to capitalize on the country’s renewable power surplus.
Brazil’s renewable energy percentage chart. Source: OurWorldInData
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Brazil’s energy oversupply
Brazil is currently facing an oversupply of electricity from its rapidly growing renewable energy industry. An August Reuters report indicated that the country’s government planned to solicit two rounds of bidding in 2026 for hydroelectric and fossil-fuel thermal power plants to secure reliable energy and reduce reliance on intermittent power sources, such as wind and solar.
Solar power suppliers in Brazil are facing curtailment, limiting the amount of energy they can supply to the grid. Curtailment is “a challenge for the sector,” according to Ribeiro, who views converting energy into capital through Bitcoin mining as a potential solution.
Related: US energy secretary floats faster direct grid access for AI and crypto miners
Energy companies jump into mining
Brazil is not the only country where companies operating in the energy industry view crypto mining as a profitable prospect. Union Jack Oil, a publicly traded United Kingdom-based energy company, announced over the summer that it plans to convert natural gas from its West Newton site into electricity to power Bitcoin mining in an “oil-to-crypto” monetization project.
In June, Canadian agricultural firm AgriFORCE Growing Systems launched a similar initiative. The company announced it would use stranded gas to power 120 Bitcoin mining rigs, with plans for further expansion.
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