Brazil has always been considered one of the next big frontiers for Bitcoin mining. It's a country waiting for the right conditions, and those conditions are now moving in the right direction! Today we published @luxor's State of Bitcoin Mining in Brazil on @hashrateindex. Here is what we found: From Q3 2025 to Q3 2026, Brazil grew from ~2.5 to ~3.5 EH/s. +40% year-over-year. But that is not the number that matters most. This past quarter, global hashrate fell 6.4%. The US shed 30 EH/s. Russia shed 8. China shed 5. Brazil held flat at 3.5 EH/s. In a down-cycle, holding flat is conviction. Two things changed that made this possible. First: the ACL reform. Brazil's deregulated energy market fully opened to large consumers in 2024. Miners can now negotiate directly with hydro and wind generators, bypassing the default tariff stack and the Bandeira Tarifaria entirely. Fixed price. Known duration. Renewable source. Second: the Northeast curtailment problem. In 2024, 1,445 renewable plants experienced roughly 400,000 forced interruption hours. Energy generated with nowhere to go. Bitcoin miners are the ideal buyer for that energy. They co-locate at the point of generation. They need no new transmission. They shut off in seconds when the grid needs relief. The operators building this today: - Minter Digital has been live since 2024, with active energy contracts and a Series A from Itaú Ventures, Latin America's largest private bank. Their "Greenabler" model is a profit-sharing JV with generators on energy that would otherwise be curtailed. They do not just consume power. They underwrite the financial viability of power that has nowhere else to go. - Arthur Mining has operated in Brazil since 2023, proving the model before the market existed. Its center of gravity is the US, with 117 MW in active development, but its Brazil footprint is the earliest institutional proof-of-concept in the country. - Radius Mining holds an O&M contract with Axia, the entity formed from the privatization of Eletrobras, Brazil's former state energy giant. R$28M seed round anchored by the founder who sold a company to Shell. XP Investimentos directors entering with a view to launch a mining-focused fund. This is not retail mining capital. - Vextron Technologies built its own proprietary mining module from components sourced entirely within Brazil, WEG, Schneider, Hitachi, and developed MINERA, a management platform that integrates directly with the generator's control infrastructure. It makes the mining load fully dispatchable from the generator's own operations center. The institutional capital is already there. Itaú Ventures. XP Investimentos. An energy infrastructure family office that used its generation asset as an anchor investment because it saw mining as a value-generating load on existing infrastructure, not as a crypto trade. That is what separates Brazil from every other emerging mining market right now. What is still missing? A clear regulatory framework for mining within the power sector. ASIC import logistics that take 2 to 4 months of lead time on a first deployment. Northeast transmission expansion that will take years to fully materialize. But the operators building there now are not waiting for perfect conditions. They are negotiating energy contracts before the transmission arrives. They are structuring imports. They are laying the infrastructure layer of a market that does not yet exist at scale. Brazil has 232 GW of installed capacity growing toward 268 GW by 2029. 88 to 90% renewable composition on most days. 708 TWh generated in 2023. And a financial ecosystem, Itau, XP, BTG, that is beginning to treat mining as an energy asset class. 3.5 EH/s is not a ceiling. It is a base that just proved it can hold through a global down-cycle. Full article in the comments. 🇧🇷⚡₿