Tokyo Electric Power Company is evaluating Getting into Bitcoin Mining Through its wholly owned subsidiary, Agile Energy X.
The basic idea here is to make use of the excess renewable energy that is going to waste. To make the most of this waste, Tokyo Electric Power Company seeks to develop a better energy ecosystem while contributing to the evolving discussion on green energy in the cryptocurrency market.
Harnessing wasted energy
While the concept of using landfill energy to mine Bitcoin is not entirely new, Tokyo Electric Power’s efforts are unique in Japan. Kenji Tatewa, president of Agile Energy X, believes their strategy will go a long way toward boosting energy production.
He said:
“What we are doing is unparalleled in Japan. The success of our framework will encourage more use of green energy.”
This usually happens during the day when demand may not meet supply, and the concept is to collect the extra energy generated during peak hours to generate solar power.
This initiative is of great importance, as Japan has set a goal to enhance Renewable energy generation capacity The country’s energy landscape has been challenging, especially with the changes following the Fukushima disaster, forcing them to reconsider their energy sources.
By combining Bitcoin mining Through its operations, Tokyo Electric will not only reduce waste, but also stabilize the grid during times of oversupply.
New Horizons for Bitcoin Mining
The high energy consumption and resulting environmental impact has been widely criticized on more than one occasion when it comes to Bitcoin mining.
But with the project proposed by Tokyo Electric Power, that could change. The ease and speed with which Bitcoin miners can operate – which is very different from places that consume energy naturally – means that miners themselves could absorb excess energy, thus contributing to the stability of the grid. This is especially important in a country like Japan, where energy shortages are a top concern.
Bitcoin mining device used by Agile Energy X Inc. Image: Agile Energy X Inc.
Agile Energy X will test this framework on a large scale. The startup is gearing up for a project that could change the way energy companies view cryptocurrencies, even if mining operations have yet to begin.
The possibility of using Bitcoin mining as a financial incentive for renewable energy producers could spur more investment in green technologies. It’s a potential precedent that could be set not only for other energy companies in Japan but for many energy companies around the world.
Future Impacts of the Cryptocurrency Industry
As global conversations about climate change escalate, there is a growing call for the cryptocurrency industry to adopt more sustainable approaches. This could be one of those pilot projects that would see renewable energy sources combined with Bitcoin mining, thus helping to reduce carbon emissions from mining.
Featured image from The Miner, chart from TradingView