Tokyo Electric Power Company (TEPCO), Japan's largest electricity provider, has entered the Bitcoin mining sector through its subsidiary Agile Energy X, utilizing excess renewable energy.
TEPCO's New Initiative
According to reports from Asahi, TEPCO serves over 27 million residential and commercial customers. In 2022, the company established Agile Energy X with the aim of exploring alternative uses for surplus energy. This excess power is now being used to mine Bitcoin, with the subsidiary setting up mining rigs in Japan’s Gunma and Tochigi prefectures, close to solar farms.
Addressing Energy Waste
Kenji Tateiwa, President of Agile Energy X, highlighted the impact this initiative could have on the renewable energy sector. He noted that green energy producers typically expect a portion of their generated power to go unused. However, by utilizing this otherwise wasted energy for Bitcoin mining, producers could gain an additional income stream. This potential for increased revenue could, in turn, drive further investments in renewable energy sources.
Global Trends in Utilizing Excess Energy
Other countries, such as El Salvador, have also started leveraging surplus renewable energy for Bitcoin mining. In El Salvador, geothermal energy powers Bitcoin mining operations, challenging the misconception that Bitcoin mining is environmentally detrimental. In reality, much of the energy used in mining would have otherwise gone to waste.
The increasing adoption of surplus energy for Bitcoin mining demonstrates a growing global trend. Companies and nations are discovering ways to convert excess power into a valuable resource, like Bitcoin. This development has the potential to reduce both wasted energy and greenhouse gas emissions as more renewable energy comes online.
Comments