9 September 2024
Tokyo Electric Power Company (TEPCO), Japan’s largest electricity provider, has begun mining Bitcoin through its subsidiary Agile Energy X using excess renewable energy that would otherwise be wasted, as per reports from Asahi.
JUST IN: 🇯🇵 Japan’s largest power company TEPCO is mining #Bitcoin using surplus energy. pic.twitter.com/ZrsmbV7mv6
— Bitcoin Magazine (@BitcoinMagazine) September 9, 2024
With over 27 million residential and business customers, TEPCO established Agile Energy in 2022, and now they are exploring Bitcoin mining powered by surplus renewable energy. The subsidiary has installed mining rigs next to solar farms in Japan’s Gunma and Tochigi prefectures.
The initiative helps reduce wasted green energy from solar and wind farms that are forced to curtail production to avoid overloading Japan’s grid. This energy is now being diverted to generate Bitcoin.
“Green energy producers have to operate their businesses on the assumption that part of the power they generate is wasted,” said Agile Energy President Kenji Tateiwa. “If bitcoins were to provide a new source of income for similar power producers, who are being exposed to overinvestments, that would prompt more green energy to be introduced.”
The project shows how Bitcoin mining can incentivize renewable energy growth by providing producers with additional revenue streams. Tateiwa said Bitcoin profits could encourage further investment in clean energy to power the mining.
Other countries are also tapping excess renewables for Bitcoin mining, like El Salvador, which uses its geothermal energy. This dispels the myth that Bitcoin is environmentally hazardous, as much mining uses energy that would otherwise be wasted.
More and more companies and countries are figuring out how to turn waste and surplus energy into the hardest money on earth. As more renewables come online, Bitcoin mining will help reduce wasted power and emissions.