TEPCO Subsidiary Ventures into Bitcoin Mining Using Surplus Solar Energy
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A subsidiary of Tokyo Electric Power Co. (TEPCO), Agile Energy X, is venturing into Bitcoin mining to utilize wasted renewable energy. The Tokyo-based company is experimenting with using surplus solar energy to power Bitcoin mining machines. According to its president, Kenji Tateiwa, this initiative could introduce more green energy, as reported by Asahi Shimbun on Sept. 8. The goal is to stop practices labeled “output control” in Japan when renewable electricity is intentionally generated in lower volumes to match consumption. Such cutbacks frequently lead to idle power that might have been put to productive use. Agile Energy X has deployed Bitcoin mining rigs near solar stations in the Gunma and Tochigi regions to acquire this surplus. The annual output control in 2023 in Japan targeted around 1,920 GWh of renewable energy, corresponding to the households’ annual electricity consumption of 450,000. Agile Energy X wants to achieve more sustainable use of green energy by using this wasted energy for Bitcoin mining. Bitcoin Mining Using Surplus Energy Could Generate $2.5B Annually, Says Agile Energy X Tateiwa, an ex-employee of the TEPCO nuclear branch, mentioned similar concerns in Kyushu Electric Power Co. in 2018 when they had to decrease the output from renewables to avoid oversupply during the hottest hours of the day for solar generation. This led to the idea that Bitcoin mining could utilize renewable energy sources to avoid wastage. A new downstream renewable energy company, Agile Energy X, incorporated in February 2022, noted that if renewable power provided 50% of Japan’s supply, up to 240 GWh could be thrown away through curtailment. To put things in perspective, dedicating only 10% of this surplus to cryptocurrency mining could produce roughly $2.5 billion annually. The project has been popular among international figures such as Fred Thiel, CEO of Marathon Digital Holdings, and…
Filed under: News - @ September 9, 2024 9:28 pm