- Experimenting with renewable energy
- Perspective from Agile Energy X President
- Profit prospects and issues
Agile Energy X, a subsidiary of Japan’s Tokyo Electric Power Co. (TEPCO), has started experimenting with using excess renewable energy for bitcoin mining. The company hopes this move will encourage the adoption of 'green' energy.
Experimenting with renewable energy
Agile Energy X, a firm wholly owned by the 1.09 trillion-yen market cap giant TEPCO, plans to use excess renewable energy to mine bitcoins. President Kenji Tateiwa noted that 'What we are doing has few parallels in Japan.' The issue of 'output control' for power suppliers gained significance in 2018 when Kyushu Electric Power Co. began regulating the output of solar power.
Perspective from Agile Energy X President
Tateiwa noted that bitcoin could actually incentivize corporations to adopt sustainable power systems. Due to the nature of solar power's tendency to peak during daytime hours, the excess energy needs to be utilized. Companies investing in green energy want to profit, and this is where the bitcoin network comes into play.
Profit prospects and issues
Mining machines have already been set up in Japan's mountainous Gunma and Tochigi prefectures, as well as next to a solar farm. However, the relatively low amount of Japanese power currently subject to output controls means the supply of surplus energy is still too low to be massively profitable. Critics argue that the production of green energy can lead to the destruction of mountain and forest ecosystems, as well as toxic waste from discarded panels.
Agile Energy X aims to use excess renewable energy for bitcoin mining and spread this practice across the market. However, there are both opportunities and challenges associated with this project.
