Brazilian solar power producer Thopen is actively exploring Bitcoin mining as a strategic move to absorb excess renewable energy generated by the country's rapidly growing solar sector, according to CEO Gustavo Ribeiro.
Ribeiro, who also heads Thopen's majority owner Pontal Energy, confirmed in an interview with BN Americas that the company is evaluating solutions such as data centers and Bitcoin mining near load centers to utilize locally generated power that faces grid curtailment. He described curtailment as a major challenge for solar suppliers, limiting their ability to supply energy to the grid, and views Bitcoin mining as a way to convert surplus energy into capital.
Brazil is grappling with an electricity oversupply driven by its expanding renewable energy industry, prompting the government to plan two bidding rounds in 2026 for hydroelectric and fossil-fuel thermal power plants to ensure reliable energy sources and reduce reliance on intermittent wind and solar power.
Reuters reported in early October that several crypto mining companies are negotiating with Brazilian electricity providers to capitalize on this surplus, highlighting a broader trend. Thopen aims to position mining facilities near generation sites to maximize the use of renewable energy that would otherwise go to waste.
Globally, energy companies are adopting similar approaches; for instance, Union Jack Oil in the United Kingdom is converting natural gas into electricity for Bitcoin mining, while Canadian firm AgriFORCE Growing Systems launched a initiative in June using stranded gas to power 120 Bitcoin mining rigs, with plans for expansion.
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