Brazilian solar power producer Torpen is considering moving to Bitcoin mining as a way to absorb excess energy generated by the country’s burgeoning renewable energy sector, the company’s CEO told local media outlet BN Americas.
Gustavo Ribeiro, CEO of Taupen and its majority shareholder Pontal Energy, told BN Americas that the company is considering expanding into Bitcoin (BTC) mining, according to a report on Wednesday. Asked how Torpen plans to address Brazil’s energy glut, Ribeiro said the company is mitigating the problem 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 statement follows a Reuters report in early October that multiple crypto mining companies were in talks with Brazil’s power companies to tap into the country’s renewable power surplus.
Graph of the percentage of renewable energy in Brazil. sauce: our world data
Related: Mid-tier Bitcoin miners emerge, reshaping competition after halving
Brazil’s energy oversupply
Brazil is currently facing an oversupply of electricity due to its rapidly growing renewable energy industry. In August, Reuters reported that the country’s government plans to call for bids twice in 2026 for hydropower plants and fossil fuel-fired power plants to ensure reliable energy and reduce dependence on intermittent power sources such as wind and solar power.
Brazil’s solar power suppliers are facing power supply cuts, limiting the amount of energy they can feed into the grid. Ribeiro said reductions are a “challenge for the sector” and believes converting energy into capital through Bitcoin mining could be a solution.
Related: US Energy Secretary Proposes Faster Direct Grid Access for AI and Cryptocurrency Miners
Energy companies enter mining
Brazil is not the only country where companies operating in the energy industry are finding crypto mining lucrative. Union Jack Oil, a publicly traded UK-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 company AgriFORCE Growing Systems launched a similar initiative. The company announced that it will use the stranded gas to power 120 Bitcoin mining rigs, with plans to expand further.
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