Brazil, despite being one of the largest producers of renewable energy in the world, has not been able to adequately utilize the surplus electricity generated by wind and solar sources.
In the last two years, energy waste has caused losses exceeding US$1 billion, according to data from the groups ABEEólica (Brazilian Association of Wind Energy and New Technologies) and ABSOLAR (Brazilian Photovoltaic Solar Energy Association).
It is estimated that up to 70% of the energy generated is not used due to failures in the transmission infrastructure.
This excess renewable energy, however, has attracted the interest of cryptocurrency companies, which are looking for ways to use this electricity efficiently.
Companies like Renova Energia are negotiating contracts to take advantage of this surplus without overloading the power grid during peak hours.
Tether's announcement, which revealed investments in Brazil in July, generated even more interest in the sector cryptocurrencies.
At least six negotiations are underway, involving small and medium-sized projects, in addition to a large project of up to 400 MW, according to sources consulted by Reuters.
The Northeast region of Brazil, in particular, has been seen as promising for mining companies such as Enegix due to its considerable surplus of solar and wind energy.
Companies like Penguin, in addition to mining equipment manufacturers, are also exploring projects in the country.
Others, such as Casa dos Ventos and Atlas Renewable Energy, with international partnerships, are analyzing alternatives to monetize unused energy, taking advantage of this untapped potential.
The Brazilian subsidiary of the French utility Engie, Auren Energia, a company controlled by Votorantim Energia and CPP Investments, is also analyzing projects to monetize unused energy.
Meanwhile, energy companies like Eletrobras are already preparing to enter the cryptocurrency sector.
The group is developing a pilot project in Bahia that combines solar, wind and battery power to power its mining operations.
“We want to understand how this sector works,” said Juliano Dantas, vice president of innovation at Eletrobras.
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