Japan’s largest power utility, TEPCO, is exploring Bitcoin mining using surplus renewable energy through its subsidiary, Agile Energy X.
TEPCO estimates that using 10% of Japan’s surplus renewable energy for Bitcoin mining could generate up to $2.5 billion a year.
Japan’s Tokyo Electric Power Company (TEPCO) is exploring green energy management through its subsidiary, Agile Energy X. By utilizing surplus renewable energy for Bitcoin mining, the company aims to tackle energy waste and generate significant revenue.
According to a report by local media Asahi Shimbun, Agile Energy X revealed that Japan’s excess electricity, which often goes to waste, could be redirected to Bitcoin mining rigs. This shift could potentially generate up to $2.5 billion in annual revenue.
This move is part of TEPCO’s strategy to optimize surplus electricity. The company has pursued this project since 2020 with the introduction of a new surplus electricity trading system.
Further, Tokyo Electric Power Company’s research shows that Japan can power Bitcoin mining rigs with its renewable energy output during low-demand periods. This strategy helps turn wasted energy into significant revenue.
Agile Energy X Uses Surplus Solar Power for Bitcoin Mining Rigs
The firm has installed mining equipment near solar farms in Gunma and Tochigi prefectures to capitalize on this unused energy. In 2023, Japan experienced 1,920 gigawatt-hours of power output control, equivalent to the annual consumption of around 450,000 households.
Moreover, Agile Energy X estimates that if renewable energy constituted 50% of Japan’s power supply, up to 240,000 gigawatt-hours could be wasted annually. The company predicts that by using just 10% of this surplus for mining, it could generate approx 360 billion Japanese yen ($2.5 billion) in revenue each year.
Agile Energy X President Kenji Tateiwa believes that profitable Bitcoin mining could enhance corporate earnings. He also thinks it could drive further investment in green energy. This initiative reflects a broader trend: over 56% of Bitcoin mining now uses renewable energy. This marks a 6% increase in the industry’s sustainable practices this year.
Highlighted crypto News Today
Trust Wallet Growth Surges Rapidly in Africa and South Asia
