Brazilian solar power company Thopen is exploring entry into the Bitcoin mining sector to absorb surplus energy generated by the country's rapidly growing renewable energy industry, the company's CEO told local media BN Americas.
According to reports on Wednesday, Thopen and its major shareholder Pontal Energy's CEO Gustavo Ribeiro stated to BN Americas that the company is considering expanding into the Bitcoin (BTC) mining business. When asked how Thopen plans to address Brazil's energy surplus issue, Ribeiro mentioned that the company is alleviating this problem through diversification.
He added that the company is also "evaluating solutions such as data centers and Bitcoin mining to absorb locally generated energy near the load."
This statement comes after Reuters reported earlier in October that several crypto mining companies are negotiating with Brazilian power suppliers to take advantage of the country's renewable energy surplus.
Brazil is currently facing an electricity surplus issue brought about by its rapidly growing renewable energy sector. A Reuters report in August indicated that the government plans to conduct two rounds of hydroelectric and fossil fuel power plant auctions in 2026 to ensure reliable energy supply and reduce dependence on intermittent sources like wind and solar energy.
Brazil's solar suppliers are facing a curtailment issue, limiting the amount of energy they can supply to the grid. According to Ribeiro, curtailment is "a challenge faced by the industry," and he believes that converting energy into capital through Bitcoin mining is a potential solution.
Brazil is not the only country where energy industry companies view crypto mining as a profit prospect. UK-listed energy company Union Jack Oil announced in the summer plans to convert natural gas from its West Newton site into electricity to power Bitcoin mining, which is a "oil-to-crypto" monetization project.
In June, Canadian agricultural company AgriFORCE Growing Systems launched a similar initiative. The company announced it would use stranded natural gas to power 120 Bitcoin mining devices and plans for further expansion.
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Original: “Brazilian solar firm Thopen considers Bitcoin (BTC) mining to absorb surplus power”
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