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Tokyo Electric subsidiary uses surplus renewable energy for BTC mining

GrafaGrafa2024/09/09 02:35
By:Isaac Francis

A subsidiary of Tokyo Electric Power Company (TEPCO), Agile Energy X, has ventured into Bitcoin (CRYPTO:BTC) mining using surplus energy from renewable sources.

According to a report from Asahi Shimbun, one of Japan's oldest national newspapers, Agile Energy X has strategically positioned its Bitcoin mining units next to solar farms in the Tochigi and Gunma prefectures, effectively utilizing otherwise wasted renewable energy.

TEPCO, one of Japan's largest electric utilities serving over 27 million homes and businesses, is exploring innovative ways to address energy wastage.

Agile Energy X is using excess photovoltaic power generated by solar farms to mine Bitcoin.

Often, when there is an oversupply of energy, some of it is curtailed or goes unused.

By channeling this surplus energy into Bitcoin mining, Agile Energy X creates an alternative use for the excess power, effectively reducing waste.

Kenji Tateiwa, President of Agile Energy X, told Asahi Shimbun that the company's initiative is one of the few of its kind in Japan.

He believes that if their model proves successful, it could encourage more power plants to adopt similar methods, potentially leading to an increase in green energy production.

"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," Tateiwa explained.

Japan's commitment to becoming carbon-free by 2050 means more renewable energy sources will come online in the coming years.

However, this increase in renewables also results in significant amounts of wasted energy.

According to simulations cited by Agile Energy X, if renewable energy sources were to account for 50% of Japan's energy system, 240,000 gigawatt-hours of energy could be wasted.

The company’s approach demonstrates how innovative energy management strategies, like using surplus power for Bitcoin mining, can help mitigate waste and support green energy initiatives.

By turning excess green energy into a valuable resource, Agile Energy X is setting an example that could inspire more companies to explore alternative energy uses, potentially accelerating the adoption of renewable energy in Japan and beyond.

At the time of reporting, the Bitcoin (BTC) price was $55,006.59.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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