Brazilian solar energy producer Torpen is contemplating shifting to Bitcoin mining as a option to take in extra power generated by the nation's burgeoning renewable power sector, the corporate's CEO advised native media outlet BN Americas.
Gustavo Ribeiro, CEO of Taupen and its majority shareholder Pontal Vitality, advised BN Americas that the corporate is contemplating increasing into Bitcoin (BTC) mining, in line with a report on Wednesday. Requested how Torpen plans to deal with Brazil's power glut, Ribeiro mentioned the corporate is mitigating the issue by way of diversification.
He added that the corporate is “additionally evaluating options corresponding to information facilities and Bitcoin mining close to the load to soak up regionally generated power.”
The assertion follows a Reuters report in early October that a number of crypto mining firms had been in talks with Brazil's energy firms to faucet into the nation's renewable energy surplus.
Graph of the share of renewable power in Brazil. sauce: our world information
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Brazil's power oversupply
Brazil is at present going through an oversupply of electrical energy attributable to its quickly rising renewable power trade. 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 scale back dependence on intermittent energy sources corresponding to wind and solar energy.
Brazil's solar energy suppliers are going through energy provide cuts, limiting the quantity of power they’ll feed into the grid. Ribeiro mentioned reductions are a “problem for the sector” and believes changing power into capital by way of Bitcoin mining may very well be an answer.
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Vitality firms enter mining
Brazil just isn’t the one nation the place firms working within the power trade are discovering crypto mining profitable. Union Jack Oil, a publicly traded UK-based power firm, introduced over the summer season that it plans to transform pure gasoline from its West Newton web site into electrical energy to energy Bitcoin mining in an “oil-to-crypto” monetization venture.
In June, Canadian agricultural firm AgriFORCE Rising Programs launched the same initiative. The corporate introduced that it’ll use the stranded gasoline to energy 120 Bitcoin mining rigs, with plans to increase additional.
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