Itau Unibanco, the largest bank in Brazil, has made a strategic entry into Bitcoin mining by investing in Minter, a startup that specializes in mobile data centers and cryptocurrency mining operations. The investment, disclosed on April 24, 2026, was made through the bank's venture capital arm Itau Ventures. While the exact amount remains undisclosed, local media reports indicate the funding reached up to $10 million.
Turning Curtailed Energy into Bitcoin
Minter’s business model addresses one of the biggest pain points in renewable energy: curtailment. By placing Bitcoin mining hardware inside mobile containers, the company can set up operations directly at solar or wind farms, consuming excess electricity that would otherwise be wasted. In 2025, Brazil curtailed 20% of its solar and wind power output, resulting in losses of $1.2 billion. In the United States, curtailment reached an estimated 20 million MWh in 2024, a phenomenon described as “exploding” by the analytics firm Amperon.
“For our flexible model, it has been more profitable to position ourselves in Bitcoin mining,” said Stefano Sergole, CEO and founder of Minter. He added that “the Itaú seal helps encourage energy generators to feel comfortable opening their minds to the fact that a flexible data center within the parks can be a portfolio strategy.” Minter currently serves one customer but plans to scale its operational capacity to 40MW by the end of 2026 and to 500MW by 2029, expanding both in Brazil and the United States.
Itau's Broader Crypto Strategy
This investment is not Itau’s first foray into digital assets. In 2023, the bank launched Bitcoin and Ethereum trading services for its clients, becoming one of the first traditional lenders in Brazil to offer direct cryptocurrency exposure. Moving from trading to mining infrastructure represents a deeper integration of crypto into the bank’s portfolio. With Minter’s mobile approach, Itau is betting on the synergy between renewable energy and Bitcoin’s proof-of-work consensus, which can turn stranded or curtailed energy into a globally tradable digital asset.
Brazil’s abundant renewable resources make it an ideal location for this model. By partnering with Minter, Itau is positioning itself at the intersection of sustainable energy and decentralized finance, potentially unlocking billions of dollars in value that would otherwise be lost to grid limitations. As the energy and crypto sectors converge, such investments could reshape how utility-scale renewables are managed in emerging markets.