⚡Japan enters the Hash Race⚡

🇯🇵 Tokyo Electric Power Company (TEPCO), Japan's largest electricity provider, has begun mining Bitcoin through its subsidiary Agile Energy X, using surplus renewable energy that would otherwise go unused, according to a report by Asahi.

🌐 #TEPCO , which serves over 27 million residential and commercial customers, established Agile Energy in 2022. The subsidiary is now using excess renewable energy to power Bitcoin mining operations, with mining rigs installed near solar farms in Japan's Gunma and Tochigi prefectures.

⚡ The project seeks to address the problem of energy waste from solar and wind farms, which are sometimes forced to reduce output to avoid overloading Japan's power grid. Instead of being wasted, surplus energy is redirected to Bitcoin mining.

✍🏻 “Green energy producers have to operate their businesses assuming that some of the energy they generate is wasted,” said Agile Energy President Kenji Tateiwa. “If Bitcoin were to provide a new revenue stream for similar energy producers, who are exposed to overinvestment, that would drive the introduction of more green energy.”

⛏️ This approach demonstrates one way Bitcoin mining could be used to support renewable energy producers by creating an additional revenue stream. Tateiwa also mentioned that profits from Bitcoin mining could incentivize further investment in renewable energy infrastructure.

🌎 Other countries have also begun using excess renewable energy, such as geothermal energy, for Bitcoin mining. These initiatives suggest that surplus energy, which would otherwise be wasted, can be repurposed for Bitcoin mining.

💎"DomoArigatoBitcoin"💎