A Tokyo Electric Power Company (Tepco) subsidiary is exploring Bitcoin mining as a way to utilize excess renewable energy.
Tokyo-based Agile Energy X is testing the use of surplus solar energy to fuel Bitcoin mining operations. The company’s president, Kenji Tateiwa, noted that success in this endeavor could lead to increased adoption of green energy, as reported by Asahi Shimbun on September 8.
The initiative draws inspiration from Japan’s “output control” practices, which involve intentionally limiting renewable energy production to manage supply and demand or to meet transmission constraints.
Agile Energy X has set up mining rigs near solar farms in Gunma and Tochigi prefectures to capture and use otherwise wasted energy.
According to Asahi Shimbun, Japan experienced output control affecting 1,920 gigawatt-hours of power in 2023, equivalent to the annual consumption of approximately 450,000 households. Simulations by Agile Energy X suggest that if renewable energy were to constitute 50% of Japan’s power supply, about 240,000 gigawatt-hours could be lost annually due to curtailment.
The company estimates that utilizing 10% of this surplus energy for Bitcoin mining could yield around 360 billion Japanese yen (approximately $2.5 billion) in Bitcoin each year.
Tateiwa suggested that if Bitcoin mining proves profitable, it could lead to greater investment in green energy.
The Bitcoin market is entering a complex phase marked by rising realized profits, reduced whale balances, and historically prolonged sideways price movement.
European banking giant UniCredit is preparing to offer its professional clients a new investment product linked to BlackRock’s spot Bitcoin ETF (IBIT), according to a report by Bloomberg.
Connecticut has officially distanced itself from government adoption of digital assets like Bitcoin. On June 30, Governor Ned Lamont signed House Bill 7082 into law, placing sweeping restrictions on how the state and its agencies can engage with cryptocurrencies.
Bitcoin giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.