Itau Unibanco, Brazil's largest bank, has made a strategic bet on bitcoin mining through an investment in Minter, a company that deploys mobile data centers and bitcoin mining rigs at renewable energy sites to absorb surplus power. The investment, reported by local media, is valued at up to $10 million and was executed by Itau Ventures, the bank's venture capital arm. While the exact figure remains undisclosed, the deal signals growing institutional interest in leveraging bitcoin mining as a solution for energy curtailment.
Business Model and Market Opportunity
Minter's core innovation lies in its mobile containerized data centers that can be transported directly to solar and wind farms, where they consume electricity that would otherwise be wasted due to grid limitations. In 2025, Brazil curtailed 20% of its solar and wind energy output, resulting in losses of $1.2 billion. This wasted energy represents a massive addressable market for Minter's flexible mining services.
Stefano Sergole, CEO and founder of Minter, stated: “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.” With Itau's backing, Minter plans to expand rapidly. Currently serving one customer, the company expects to reach an operational capacity of 40MW by the end of 2026, and to scale to 500MW by 2029, with operations spanning both Brazil and the United States.
U.S. Curtailment Crisis
The challenge of energy curtailment is not unique to Brazil. In the U.S., Amperon estimated that curtailment hit 20 million MWh in 2024, calling the phenomenon “exploding.” Minter's mobile infrastructure is well positioned to capture value from this wasted energy, converting it into bitcoin through mining operations. Sergole noted that for Minter's flexible model, “it has been more profitable to position ourselves in bitcoin mining” compared to other uses of surplus energy.
Implications for the Crypto Industry
This investment underscores the convergence of traditional finance, renewable energy, and bitcoin mining. Itau Unibanco's move could pave the way for other major banks in Latin America to explore similar investments. The partnership also highlights the growing recognition of bitcoin mining as a tool for grid stabilization and energy waste reduction, potentially opening new revenue streams for renewable energy producers. As Minter scales, its mobile mining units could become a common sight at solar and wind farms, turning what was once a liability into a profitable asset.