Bitcoin mining represents an opportunity for Japan’s largest electricity company, Tokyo Electric Power Company, to tap into the country’s surplus electricity.
Japan’s electric utility, Tokyo Electric Power Company or TEPCO, uses Bitcoin mining as an opportunity to monetize your idle energy.
TEPCO is partnering with TRIPLE-1, a Japanese Bitcoin mining hardware provider, to create a new company dedicated exclusively to this activity. From the new company, dubbed Agile Energy X, the Japanese power producer plans to build a network of data centers spread across Japan that will allow it to monetize the country’s existing surplus electricity by mining crypto -cash.
The energy company, which lost the Fukushima nuclear power plant after natural disasters in 2011, sees a big opportunity in Bitcoin mining to increase its profitability.
TEPCO promotes the efficient use of renewable energy
The agreement reached between TEPCO and TRIPLE-1 will enable the construction of a distributed energy production system to power Bitcoin miners, while national power grid demand and congestion is relievedThe Tokyo Electric Company said in a statement.
TEPCO also pointed out that Japan is rapidly moving towards building a new digital society, where building distributed data centers is essential.
Likewise, the energy company said that energy saving and energy conservation have become top issues in the country, thus promoting Bitcoin mining, in addition to monetizing the surplus of energy, also It contributes to the efficient use of energyreducing costs and reducing the production of carbon dioxide in the environment, he said.
The Japanese power company pointed out that the excess electricity it will use through Agile Energy X to power crypto mining and its data centers will come from renewable energy sources in all the countries; In addition, he pointed out that Japan’s energy capacity may double, according to estimates.
Currently, the company has already put into operation a test data center with a capacity of 1.5 megawatts (MW), where a total of 1,300 installed computers are operated. According to TEPCO, the data center is operating normally.
Bitcoin mining opens up new opportunities for energy companies
As the development of cryptocurrencies progresses, more and more power companies have started creating new solutions and projects to capitalize on one of the growing and expanding industries. the fastest of the last decade.
Companies like Beowulf Mining Plc, which started supplying electricity to bitcoin miners in 2020, saw great opportunities in crypto mining to generate direct profits from crypto mining and thus become more profitable. So, instead of just serving as an energy provider, the Nordic company also started mining bitcoins directly.
Other companies like ConocoPhillips and Exxon, both dedicated to the oil industry in the United States, also take advantage of their surpluses to supply Bitcoin miners with alternative energy, monetizing stranded or wasted gas from oil wells.
In March, Stronghold Digital Mining CEO Gregory Beard said in a Bloomberg interview that energy companies that have become bitcoin producers or miners, rather than just supplying electricity to other companies or platforms, were able to enjoy profit margins of up to 90%. that crypto miners enjoyed in 2021.