Brazilian solar energy producer Torpen is contemplating transferring to Bitcoin mining as a strategy to soak up extra power generated by the nation’s burgeoning renewable power sector, the corporate’s CEO informed native media outlet BN Americas.
Gustavo Ribeiro, CEO of Taupen and its majority shareholder Pontal Power, informed BN Americas that the corporate is contemplating increasing into Bitcoin (BTC) mining, in keeping with a report on Wednesday. Requested how Torpen plans to handle Brazil’s power glut, Ribeiro stated the corporate is mitigating the issue by way of diversification.
He added that the corporate is “additionally evaluating options equivalent to information facilities and Bitcoin mining close to the load to soak up domestically generated power.”
The assertion follows a Reuters report in early October that a number of crypto mining firms have been in talks with Brazil’s energy firms to faucet into the nation’s renewable energy surplus.
Graph of the proportion of renewable power in Brazil. sauce: our world information
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Brazil’s power oversupply
Brazil is at present dealing with an oversupply of electrical energy resulting from its quickly rising renewable power business. In August, Reuters reported that the nation’s authorities plans to name for bids twice in 2026 for hydropower vegetation and fossil fuel-fired energy vegetation to make sure dependable power and cut back dependence on intermittent energy sources equivalent to wind and solar energy.
Brazil’s solar energy suppliers are dealing with energy provide cuts, limiting the quantity of power they will feed into the grid. Ribeiro stated reductions are a “problem for the sector” and believes changing power into capital by way of Bitcoin mining might be an answer.
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Power firms enter mining
Brazil just isn’t the one nation the place firms working within the power business are discovering crypto mining profitable. Union Jack Oil, a publicly traded UK-based power firm, introduced over the summer time that it plans to transform pure fuel from its West Newton website into electrical energy to energy Bitcoin mining in an “oil-to-crypto” monetization challenge.
In June, Canadian agricultural firm AgriFORCE Rising Methods launched the same initiative. The corporate introduced that it’s going to use the stranded fuel to energy 120 Bitcoin mining rigs, with plans to broaden additional.
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