The subsidiary of Tokyo Electric Power Company Holdings, Agile Energy X started mining Bitcoin using surplus green energy.
This could generate around $2.5 billion worth of Bitcoin annually with otherwise wasted power.
Surplus renewable energy for Bitcoin mining, the cleanest energy
Agile Energy X already installed mining equipment in Tochigi and Gunma prefectures, focusing on areas where excess renewable energy is available.
In Kyushu, the southernmost of Japan’s main islands, there is often unused electricity generated from renewable sources.
A 2021 report by The Mainichi noted that this wasted energy could be equivalent to the output of several nuclear reactors in a single day.
The energy is there. It’s unused. Any questions?
Power generation companies are required to limit their production during times of low demand, which leads to surplus electricity being discarded.
Kyushu has been managing these output controls since October 2018, when Kenji Tateiwa, the CEO of Agile Energy X, proposed the idea of using this excess energy for Bitcoin mining.
The following year, the region experienced 74 days of output controls. Other areas in Japan, such as Shikoku and Hokkaido, also encountered similar issues.
And these ’issues’ could deliver practically free Bitcoin for Japan.
Bitcoin mining is already the cleanest industry worldwide, and in the future this will be even better
Last year, output controls affected a 1,920 GWh of power. While coal continues to be a significant part of Japan’s energy mix, the country is gradually shifting towards renewable energy sources, which is expected to increase the amount of wasted power.
By utilizing just 10% of this wasted energy, Agile Energy X could mine up to $2.5 billion worth of Bitcoin each year.
This use of surplus energy not only helps reduce waste but also positions Japan as a powerful player in the global Bitcoin mining industry.
As the country continues to transition to renewable energy, the potential for mining Bitcoin with excess power could grow, leading to further developments in both the energy and cryptocurrency sectors.
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