Brazil’s Itau Ventures Backs Innovative Bitcoin Mining Firm
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In a significant move towards embracing cryptocurrency, Itau Unibanco, Brazil’s largest bank, has ventured into the world of bitcoin mining. The institution’s investment arm, Itau Ventures, has committed an undisclosed amount to Minter, a pioneering company specializing in mobile data centers that facilitate bitcoin mining across Brazil.
Minter has positioned itself strategically to utilize surplus energy that typically goes to waste, addressing a pressing issue in renewable energy—curtailment. This innovative approach allows Minter to set up its operations directly at sites where renewable energy is generated, maximizing efficiency and minimizing energy loss.
The investment made by Itau Ventures is reported to be up to $10 million, which positions Minter as a viable option for energy producers looking to exploit otherwise unused energy resources. CEO Stefano Sergole emphasized the importance of Itau’s involvement, stating that the bank’s reputation instills confidence in energy generators to consider the flexible data center model as a part of their energy strategy.
Currently, Minter serves one customer but anticipates significant growth, with projections of reaching a capacity of 40 megawatts by the end of this year. The company’s ambitious goal is to expand up to 500 megawatts by 2029, not just in Brazil but also extending its operations to the United States.
The backdrop of this investment is compelling: in 2025, Brazil witnessed a staggering 20% reduction in its solar and wind energy output, resulting in losses estimated at $1.2 billion. Similarly, a 2024 report from Amperon highlighted that the U.S. experienced a curtailed energy output of 20 million megawatt-hours, showcasing a growing trend that Minter aims to capitalize on.
As a mobile provider of data center solutions and bitcoin mining operations, Minter is targeting a market worth billions, with a vision to convert wasted energy into valuable assets like bitcoin. Sergole remarked on the profitability of their flexible model within the cryptocurrency landscape, underscoring how vital bitcoin has become to their business framework.
With the backing of Itau, Minter is poised to play a crucial role in bridging the gap between renewable energy and cryptocurrency, promising to turn the challenges of energy curtailment into rewarding opportunities.
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