Brazilian solar energy company Thopen is looking at Bitcoin mining as a means to help absorb the nation’s growing renewable energy sector’s excess energy generation.
The company’s CEO, Gustavo Ribeiro, shared this new strategic approach during an interview with BN Americas. Ribeiro, who leads Thopen and its main owner, Pontal Energy, told BN Americas on Wednesday, October 29, that they are considering exploring the Bitcoin mining space.
When reporters from the news platform asked how Thopen intends to manage Brazil’s energy surplus, he explained that the firm will address this challenge through diversification. The CEO also highlighted that the company is exploring options such as data centers and Bitcoin mining near locations where energy is generated.
His remarks followed a report from a reliable source in early October, which indicated that several cryptocurrency mining companies were in talks with Brazilian power suppliers to strike a deal to utilize the country’s excess renewable energy.
Several energy firms shift their focus towards Bitcoin mining
Brazil has rapidly expanded solar and wind capacity, but transmission limitations and low local demand have created oversupply in some regions, leading to curtailment and financial losses for energy producers. To address this, the Brazilian government has planned to hold two bidding rounds for hydroelectric and fossil-fuel thermal power plants in 2026.
With this plan, the relevant authorities will ensure that the energy supply remains steady and there is a reduced reliance on variable sources, such as wind and solar energy.
Regarding these variable sources, analysts noted that solar power providers in Brazil are facing limits on the amount of energy they can deliver to the grid. Ribeiro referred to this limitation as “a challenge for the sector.” He suggested that a potential solution is converting energy into capital through Bitcoin mining.
Experts say combining renewable energy generation with electricity-intensive activities can make these activities more profitable and contribute to grid stability, all while tying their work to clean energy. Moreover, according to sources, the case was becoming more common among energy companies around the world as an alternative method of earning money. Examples of these companies include Union Jack Oil, an energy firm listed on the London Stock Exchange.
Over the summer, the company announced its intention to convert natural gas from its West Newton site into electricity to support Bitcoin mining, part of an “oil-to-crypto” revenue initiative.
Like Union Jack Oil, a Canadian agricultural firm, AgriFORCE Growing Systems announced the same plan in June. The company stated that it intends to utilize stranded gas to power 120 Bitcoin mining rigs, with plans for further expansion in the future.
Chris Wright acknowledges the growing demand for electricity in the U.S.
Recent reports from credible sources indicate that U.S. Secretary of Energy Chris Wright has urged the Federal Energy Regulatory Commission (FERC) to adopt a new regulatory framework. This would, in turn, allow large consumers of electricity, including AI data centers and Bitcoin miners, to hook up to the power grid quickly and without small delays.
In a letter released last Thursday, Wright asked FERC, which oversees the interstate electricity grid, to expedite the review process and develop standard procedures for these significant electricity consumers to connect directly to the high-voltage transmission system.
Notably, this high-voltage system can manage more power than local grids. Additionally, large industrial sites that consume a significant amount of energy in their operations are directly connected to it.
Wright mentioned in his letter that “the demand for electricity in the United States is expected to rise rapidly, mainly because of the fast growth of large energy users.”
If all goes as planned, Thopen’s initiative could set a precedent for other renewable energy operators in Brazil and globally, who are looking to monetize surplus power through cryptocurrency mining.
Meanwhile, authorities in Iran claim that the country’s cryptocurrency mining industry is riddled with unauthorized entities, with about 95% of the 427,000 active devices unregistered. Tehran’s electricity distribution company chief executive, Akbar Hasan Beklou, states that Iran ranks fourth in global cryptocurrency mining. He claims that mining devices across the country utilize more than 1,400 megawatts of power continuously, suggesting that the cheap power has turned the country into a hub for illegal mining.
Over 80 unregistered crypto farms have been discovered in the first half of 2025
Beklou noted that the government crackdown unveiled 104 illegal mining sites in Tehran Province and found more than 1,400 cryptocurrency mining devices, whose power consumption matched that of 10,000 homes.
Pakdasht, Malard, Shahre Qods, and some factories in the capital’s southwest industrial belt have become favorite spots for miners, with some sites found underground or consuming power through factories that acquire subsidized power. According to Beklou, some miners were digging tunnels, burying mining rigs, and secretly connecting to subsidized industrial power lines.
Throughout the first half of the year, inspectors found 80 illegal crypto farms with 1,300 devices consuming power that could serve 8,000 homes. The power company and police are still coordinating to dismantle the illicit operations. So far, according to a CoinLaw report earlier in June, Iran has the world’s fifth-largest Bitcoin hash rate distribution at 4.2% of the network’s total. The United States leads at 44%, followed by Kazakhstan and Russia at 12% and 10.5%, respectively. Canada follows at 9%.
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