Agile Energy X, a subsidiary of Tokyo Electric Power Company (TEPCO) in Japan, is investigating the utilization of excess renewable energy for Bitcoin mining.
Agile Energy X's Plans
The startup is deploying mining machines adjacent to solar farms in Gunma and Tochigi prefectures with the goal of transforming surplus renewable energy into cryptocurrency. In 2022, TEPCO initiated Agile Energy X to explore methods for monetizing surplus energy, including bitcoin mining.
Potential of Excess Energy Utilization
A calculation conducted by Agile Energy X indicates that if Japan attains its objective of 50% renewable energy by 2050, around 240,000 gigawatt-hours of electricity may become surplus. Utilizing even 10% of this surplus could yield $2.5 billion in Bitcoin each year, highlighting the significant potential for capitalizing on green energy via crypto mining.
Trends in Cryptocurrency Mining
Agile Energy X's initiatives reflect a broader trend within the crypto sector, as Bitcoin miners are increasingly seeking cost-effective energy alternatives. Currently, 56% of Bitcoin mining operations depend on renewable energy. Over the past year, Bitcoin's renewable energy composition rose by 6%, making crypto mining a notable contributor to the advancement of green energy.
Agile Energy X's initiatives underscore the importance of utilizing surplus renewable energy for cryptocurrency mining. This approach may encourage further investment in renewable energy technologies and reduce energy wastage through efficient usage.
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