Brazil’s fintech policy shift
The timing of ENGIE’s exploration could prove fortuitous. In February 2026, Brazil’s foreign trade council eliminated import duties on high-efficiency mining hardware, with the exemption running until January 2028. This policy change could meaningfully reduce the upfront costs of any mining infrastructure ENGIE deploys.
The tariff window reflects Brazil’s growing recognition of cryptocurrency mining as legitimate industrial activity, potentially positioning the country as a more attractive destination for digital asset operations. For ENGIE, this regulatory environment could transform curtailed megawatt-hours into bankable revenue through blockchain technology.
Brazil’s approach represents a significant departure from the regulatory uncertainty that has characterised cryptocurrency policy in many jurisdictions. By providing a clear timeframe for import duty exemptions and treating mining as industrial infrastructure rather than purely speculative activity, Brazilian policymakers have created conditions that could attract significant capital investment. This regulatory clarity arrives at a moment when renewable energy operators are actively seeking solutions to curtailment challenges, creating a potential alignment between energy policy and fintech innovation.
The approach stands in contrast to broader industry trends, where established crypto miners are pivoting away from bitcoin. Companies like Bitfarms are winding down bitcoin operations and converting facilities into AI data centres, seeking more predictable contracted revenues. IREN has secured multi-billion-dollar GPU cloud agreements with partners including Microsoft, while Bitdeer Technologies has liquidated its entire bitcoin treasury.