TEPCO Subsidiary Ventures into Bitcoin Mining to Harness Wasted Renewable Energy

Bitcoin Bitcoin Mining Mining

Author

Ruholamin Haqshanas

Author

Ruholamin Haqshanas

About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Author Profile

Share

Copied

Last updated: 

September 8, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

A subsidiary of Tokyo Electric Power Co. (TEPCO) is venturing into Bitcoin mining, aiming to utilize wasted renewable energy in a move to promote green energy usage.

The TEPCO subsidiary, Agile Energy X, is experimenting with using excess solar energy to power Bitcoin mining operations.

According to Kenji Tateiwa, president of Agile Energy X, if the project proves successful, it could encourage the introduction of more renewable energy into Japan’s power grid.

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

Agile Energy X Installs Bitcoin Mining Machines Near Solar Farms

The initiative was driven by the country’s “output control” practices, which involve curtailing renewable energy production to balance supply and demand or manage transmission constraints.

Tateiwa explained that this process often leads to significant energy waste, prompting Agile Energy X to explore alternative uses for surplus power.

To address this issue, the company has installed Bitcoin mining machines near solar farms in Gunma and Tochigi prefectures, located near Tokyo.

These installations aim to capture and use otherwise wasted energy.

The Asahi Shimbun reported that in 2023, Japan’s output control practices led to the waste of 1,920 gigawatt-hours of power, which is equivalent to the annual electricity consumption of 450,000 households.

Agile Energy X conducted simulations showing that if renewable energy were to account for half of Japan’s energy supply, up to 240,000 gigawatt-hours could be wasted annually.

The company estimates that using just 10% of this surplus power for Bitcoin mining could generate approximately $2.5 billion (360 billion yen) in Bitcoin each year.

Tateiwa believes that Bitcoin mining profits could contribute to corporate earnings and support the growth of green energy initiatives.

The concept has garnered attention from industry leaders, including Fred Thiel, CEO of Marathon Digital Holdings, who praised Japan’s approach in a social media post.

Similar initiatives are already underway in the United States, particularly in Texas, where renewable energy is used for grid balancing.

Marathon’s Bitcoin Mining Project to Heat Up Town in Finland

Marathon Digital Holdings, the world’s largest Bitcoin mining company, has started a new project that will warm an entire town in Finland.

The pilot project utilizes the recycled heat generated from Bitcoin mining to provide heating for over 11,000 residents.

Back in June, Marathon launched a 2-megawatt pilot project in the Satakunta region of Finland.

The project aims to warm the community using the heat generated from digital asset computing, marking Marathon’s first district heating-based pilot project in the Euro area.

Bitcoin miners are seeking ways to augment 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 exploring ways to monetize the excess heat generated by its Bitcoin mining facilities and data centers.

The company aims to develop new revenue streams and strategic approaches to achieve zero-cost power for digital asset computing while contributing to the global energy transformation.

The sale of excess heat from Bitcoin mining could provide substantial financial benefits for Marathon.