Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
A subsidiary of Tokyo Electric Power Co. (TEPCO) is entering the Bitcoin mining sector, with the goal of leveraging wasted renewable energy to foster the use of green energy.
The TEPCO subsidiary, Agile Energy X, is testing the application of surplus solar energy to fuel Bitcoin mining activities.
Kenji Tateiwa, president of Agile Energy X, stated that if the initiative is successful, it could lead to an increased integration of renewable energy into Japan’s electricity grid.
“What we are doing has few parallels in Japan,” Tateiwa remarked. “The success of our framework would encourage the introduction of more green energy.”
Agile Energy X Deploys Bitcoin Mining Equipment Near Solar Farms
This initiative was motivated by the country’s “output control” policies, which involve limiting renewable energy generation to align supply with demand or to manage transmission limitations.
Tateiwa noted that this practice often results in considerable energy waste, prompting Agile Energy X to investigate alternative applications for excess power.
To tackle this challenge, the company has set up Bitcoin mining machines close to solar farms in Gunma and Tochigi prefectures, situated near Tokyo.
These setups are designed to capture and utilize energy that would otherwise be wasted.
#TEPCO’s subsidiary Agile Energy X is exploring #Bitcoin mining using surplus renewable energy to prevent wastage in #Japan.
The initiative involves harnessing unused solar power near #Tokyo, aiming to reduce energy curtailment and promote green energy through profitable… pic.twitter.com/OLW8n3r6xC— TOBTC (@_TOBTC) September 9, 2024
The Asahi Shimbun reported that in 2023, Japan’s output control measures resulted in the loss of 1,920 gigawatt-hours of electricity, which is comparable to the yearly energy consumption of 450,000 households.
Agile Energy X conducted simulations indicating that if renewable energy constituted half of Japan’s energy supply, up to 240,000 gigawatt-hours could be wasted each year.
Related Posts
The company estimates that utilizing just 10% of this surplus energy for Bitcoin mining could yield around $2.5 billion (360 billion yen) in Bitcoin annually.
Tateiwa believes that profits from Bitcoin mining could enhance corporate earnings and support the advancement of green energy projects.
This concept has attracted interest from industry figures, including Fred Thiel, CEO of Marathon Digital Holdings, who commended Japan’s strategy in a social media update.
Similar projects are already in progress in the United States, particularly in Texas, where renewable energy is employed for grid stabilization.
Marathon’s Bitcoin Mining Project to Heat Up Town in Finland
Marathon Digital Holdings, the largest Bitcoin mining firm globally, has initiated a new project aimed at heating an entire town in Finland.
The pilot project harnesses the recycled heat produced from Bitcoin mining to provide warmth for over 11,000 residents.
In June, Marathon launched a 2-megawatt pilot project in the Satakunta region of Finland.
The initiative seeks to warm the community using heat generated from digital asset computing, marking Marathon’s first district heating pilot project in the Euro area.
Bitcoin miners are exploring methods to increase their revenue following the 2024 Bitcoin halving, which reduced block rewards from 6.25 BTC to 3.125 BTC.
Marathon Digital Holdings has been actively seeking ways to monetize the excess heat generated by its Bitcoin mining operations and data centers.
The company aims to create new revenue streams and strategic methods to achieve zero-cost power for digital asset computing while contributing to the global energy transition.
The sale of surplus heat from Bitcoin mining could offer significant financial advantages for Marathon.
The post TEPCO Subsidiary Ventures into Bitcoin Mining to Harness Wasted Renewable Energy appeared first on Cryptonews.
