Venturing into bitcoin Mining: TEPCO Subsidiary Promotes Green Energy
A subsidiary of Tokyo Electric Power Co. (TEPCO) is making waves in the bitcoin mining industry by tapping into wasted renewable energy to promote green energy initiatives.
The TEPCO subsidiary, Agile Energy X, is taking innovative strides by using excess solar energy to power its bitcoin mining operations.
President of Agile Energy X, Kenji Tateiwa, expressed excitement about the project's potential to encourage greater adoption of renewable energy sources within Japan's power grid.
Tateiwa remarked, “What we are doing has few parallels in Japan. Success of our framework would prompt more green energy to be introduced.”
Agile Energy X Installs bitcoin Mining Machines Near Solar Farms
The decision to venture into bitcoin mining was driven by Japan's "output control" practices, which involve curtailing renewable energy production to balance supply and demand or manage transmission constraints.
Tateiwa highlighted the significant energy waste resulting from these practices, leading Agile Energy X to explore alternative uses for surplus power.
To tackle this issue, the company strategically installed bitcoin mining machines near solar farms in Gunma and Tochigi prefectures, situated close to Tokyo, to capture and utilize otherwise wasted energy.
According to The Asahi Shimbun, in 2023, Japan wasted 1,920 gigawatt-hours of power due to output control practices, equivalent to the annual electricity consumption of 450,000 households.
Agile Energy X's simulations indicate that if renewable energy accounted 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 yield approximately $2.5 billion (360 billion yen) in bitcoin each year.
Tateiwa believes that bitcoin mining profits could significantly boost corporate earnings and support the expansion of green energy initiatives.
Industry leaders, including Fred Thiel, CEO of Marathon Digital Holdings, have commended Japan's innovative approach to utilizing renewable energy for bitcoin mining.
Similar eco-friendly initiatives are already underway in the United States, particularly in Texas, where renewable energy is harnessed for grid balancing purposes.
Marathon's bitcoin Mining Project Revolutionizes Town Heating in Finland
Meanwhile, Marathon Digital Holdings, a leading bitcoin mining company globally, has embarked on a groundbreaking project to provide heating for an entire town in Finland using recycled heat generated from bitcoin mining.
The pilot project, located in the Satakunta region of Finland, aims to warm over 11,000 residents by utilizing the heat produced from digital asset computing.
As part of Marathon's strategic initiatives post the 2024 bitcoin halving, where block rewards were reduced, the company is exploring innovative ways to monetize excess heat generated by its bitcoin mining facilities and data centers.
Marathon's objective is to develop new revenue streams and strategic approaches to achieve zero-cost power for digital asset computing while contributing to global energy transformation efforts.
The potential sale of excess heat from bitcoin mining could offer substantial financial benefits for Marathon, demonstrating the company's commitment to sustainability and innovation in the cryptocurrency mining sector.
