Tokyo Electric Power Company (TEPCO), Japan’s largest energy company, has started mining Bitcoin. Tepco does this through its sister company Agile Energy X, using excess renewable energy that would otherwise go to waste.
Bitcoin mining in Japan
TEPCO started Agile Energy in 2022 and is now exploring Bitcoin mining with that company. The sister company of the Japanese energy giant has now installed miners at the solar power plants in Gunma and Tochigi.
With this initiative, TEPCO hopes to convert surplus solar and wind energy into capital. Thanks to the initiative, Japan will also not end up in a situation where the power grid becomes overcrowded.
“Green energy producers have to operate under the assumption that some of the energy they generate is wasted. If Bitcoin is a new source of income for producers, […] “Then in theory, that could lead to higher production of green energy,” said Agile Energy President Kenji Tateiwa.
What is special about this project is that we see once again how Bitcoin mining can stimulate the generation of green energy, by providing producers with additional income. Tateiwa indicates that the profit with Bitcoin can provide additional investment in the infrastructure.
Japan is not a forerunner
While this makes Japan the first major economy to attempt to mine Bitcoin sustainably, they are not the first country in the world to see this.
For example, El Salvador uses geothermal energy to mine Bitcoin. The beauty of this story is that Bitcoin has a hard answer to the criticism that the energy consumption of the digital currency is so harmful to the planet.
Why? Because Bitcoin increasingly consumes green energy that would otherwise go to waste, making producers more profitable and encouraging additional investment in the industry.
More and more companies (and countries) are discovering how to convert excess energy into the hardest money on earth. The more sustainable energy we generate, the more Bitcoin mining can help to prevent its waste.
Trade €10,000 for free and get €10 bonus
Want to enter the crypto world and perhaps buy Bitcoin or another crypto? Now is your chance! Thanks to a special deal between Newsbit and Bitvavo, our readers get an exclusive offer.
Create an account at Bitvavo using the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you will also pay no trading fees on your first 10,000 euros in transactions for 7 days after registering your account.* Sign up now!
*Please note that terms and conditions apply to this promotion.
Source: https://newsbit.nl/grootste-energiebedrijf-japan-begint-met-bitcoin-mining/
