Japanese Power Giant Tepco Explores Sustainable Bitcoin Mining

September 09, 2024 11:14 PM AEST | By Team Kalkine Media

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Japanese Power Giant Tepco Explores Sustainable Bitcoin Mining — Image source: Shutterstock

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A subsidiary of the Tokyo Electric Power Company (Tepco), Agile Energy X, is exploring Bitcoin mining as a method to utilize otherwise wasted renewable energy. The Tokyo-based company is focused on leveraging surplus solar energy to power its {Bitcoin} (BTC) mining operations. Kenji Tateiwa, president of Agile Energy X, has indicated that successful implementation of this approach could encourage broader adoption of green energy solutions.

This initiative is inspired by Japan's practice of "output control," where renewable energy production is intentionally reduced below its to balance supply with demand or to accommodate transmission limitations. Agile Energy X has set up mining facilities near solar farms in Gunma and Tochigi prefectures to utilize energy that would otherwise be curtailed.

In 2023, Japan experienced a total of 1,920 gigawatt-hours of power curtailed, equivalent to the annual energy consumption of approximately 450,000 households. Agile Energy X's simulations suggest that if renewable energy were to constitute 50% of Japan’s power supply, around 240,000 gigawatt-hours could be wasted annually due to output control. The company estimates that utilizing 10% of this surplus power for Bitcoin mining could potentially generate significant revenue in Bitcoin annually.

Tateiwa highlighted that if Bitcoin mining were to be profitable, it could drive the introduction of additional green energy projects, contributing to overall sustainability goals. This approach contrasts with regulatory attitudes in some regions, as noted by industry figures like Fred Thiel, chairman and CEO of Marathon Digital Holdings, who emphasized Japan's proactive stance on Bitcoin mining compared to other regions.

In the United States, particularly in Texas, similar strategies are being employed by cryptocurrency mining firms to capitalize on surplus renewable energy for grid balancing, reflecting a growing trend to integrate {crypto} currency mining with energy management practices.

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