Japanese energy giant TЕРСО is exploring the possibility of “green” bitcoin mining

The first bitcoin mining farms have already been installed in Togichi and Gumma prefectures, as well as in Tokyo suburbs

09.09.2024 - 14:25

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What’s new? Tokyo Electric Power Co.’s (TEPCO) subsidiary, Agile Energy X, has launched an experiment to utilize excess solar energy for bitcoin mining operations. According to Kenji Tateiwa, the president of Agile Energy X, if the project is successful, it could help introduce more renewable energy into Japan’s power grid:

“What we are doing has few parallels in Japan. Success of our framework would prompt more green energy to be introduced.”

What else is known? The initiative was prompted by the practice of power “output control,” which involves reducing renewable energy production to balance supply and demand or manage transmission constraints. Tateiwa explained that this process often results in significant energy waste, which prompted Agile Energy X to explore alternatives for utilizing surplus energy.

In 2023, the practice of controlling electricity output in Japan resulted in the loss of 1920 gigawatt hours of electricity, equivalent to the annual electricity consumption of 450 000 households. Agile Energy X estimates that using just 10% of excess electricity for bitcoin mining could generate about $2,5 billion (360 billion Japanese yen) in bitcoins each year.

The first bitcoin mining farms have already been installed in Togichi and Gumma prefectures, as well as in Tokyo suburbs. Tateiwa believes that profits from bitcoin mining could contribute to corporate profits and support the growth of green energy initiatives.

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