Itaú Unibanco, Brazil's largest bank, has taken a significant step into the cryptocurrency mining space by investing up to $10 million in Minter, a startup that deploys mobile data centers for bitcoin mining powered by stranded renewable energy. The investment, made through the bank's venture capital arm Itaú Ventures, underscores the growing convergence between traditional finance and digital asset infrastructure, particularly in regions rich in renewable resources but plagued by grid constraints.
Minter’s Mobile Model: Turning Curtailed Power into Bitcoin
Minter's innovation lies in its mobile containerized data centers, which can be deployed directly at solar and wind farms. Instead of letting surplus energy go to waste—a phenomenon known as curtailment—Minter uses it to power bitcoin mining rigs. In 2025 alone, Brazil lost an estimated $1.2 billion due to curtailment, representing 20% of its solar and wind energy output. Meanwhile, in the United States, curtailment surged to 20 million MWh in 2024, described by analysts as “exploding.” Minter directly addresses this inefficiency by providing a flexible, on-site energy sink.
“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,” said Stefano Sergole, CEO and founder of Minter. He revealed that the company currently serves only one customer but expects to reach 40 MW of operational capacity by the end of this year, with an ambitious goal of 500 MW by 2029. Beyond Brazil, Minter plans to expand into the U.S. market, where curtailment presents a similarly massive opportunity.
Why Bitcoin Mining Beats Traditional Data Centers
Sergole emphasized that bitcoin mining has proven more profitable for Minter’s flexible model compared to conventional data center services. “For our flexible model, it has been more profitable to position ourselves in bitcoin mining,” he stated. This profitability, combined with the ability to monetize otherwise stranded energy, has attracted attention from global energy players. French conglomerate Engie is also exploring bitcoin mining to address solar-power curtailment in Brazil, signaling that the trend is gaining momentum worldwide.
While Itaú Ventures did not disclose the exact investment amount, sources indicate the commitment could reach $10 million. The funding will accelerate Minter’s deployment of mobile mining units and support its expansion strategy. By turning wasted electricity into a secure digital asset, Minter is pioneering a model that could redefine how renewable energy producers view bitcoin mining—not as a competitor for power, but as a strategic partner in reducing waste and generating additional revenue.