Key Takeaways:
- Tepco’s subsidiary Agile Energy X is testing Bitcoin mining using surplus solar energy to reduce renewable energy waste in Japan.
- Japan curtailed 1,920 GWh of power in 2023, with simulations predicting up to 240,000 GWh could be wasted annually as renewable energy use increases.
- Using 10% of surplus renewable energy for Bitcoin mining could generate ¥360 billion ($2.5 billion) yearly.
A subsidiary of Tokyo Electric Power Company (Tepco), Agile Energy X, is testing the use of surplus solar energy to power Bitcoin mining.
This initiative aims to reduce the waste of renewable energy, a problem in Japan due to “output control”, where energy production is curtailed to balance supply and demand.
JUST IN: 🇯🇵 Japan's largest power company TEPCO is mining #Bitcoin using surplus energy. pic.twitter.com/ZrsmbV7mv6
— Bitcoin Magazine (@BitcoinMagazine) September 9, 2024
Agile Energy X has placed mining rigs near solar farms in Gunma and Tochigi prefectures to utilize otherwise unused energy.
In 2023, Japan curtailed 1,920 gigawatt-hours of power, enough to supply 450,000 households annually.
Simulations suggest that with 50% renewable energy use, 240,000 gigawatt-hours could be wasted yearly.
JUST IN: A subsidiary of TEPCO, Japan's largest electric utility firm and the 4th largest in the world (!), is looking into mining #Bitcoin. pic.twitter.com/CkLzYOtLFy
— CryptoPotato Official (@Crypto_Potato) September 9, 2024
By using just 10% of this, Bitcoin mining could generate ¥360 billion ($2.5 billion) annually.
This concept has gained attention globally, with U.S. and European companies exploring similar strategies to prevent renewable energy waste and incentivize investment in green energy.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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