Bitcoin mining could help Japan monetize wasted green energy.
Agile Energy X, a subsidiary of Tokyo Electric Power Grid (TEPCO), is exploring the use of green energy for Bitcoin mining.
State media Asahi Shimbun reported that the company installed mining machines near solar farms in Gunma and Tochigi prefectures. This project aims to harness untapped renewable energy.
Japan has the potential to generate $2.5 billion in BTC using green energy.
Simulations by Agile Energy X show potential power increases if Japan achieves its goals, the report added. If Japan achieves 50% renewable energy by 2050, it could use up to 240,000 gigawatt-hours of electricity. The company announced that using just 10 percent of this profit would generate $2.5 billion worth of bitcoins per year.
Kenji Tateiwa, president of Agile Energy X, believes that mining profitability is currently hampered by energy output controls. However, as Japan's renewable energy infrastructure expands, Bitcoin mining could become a viable solution for surplus energy.
Read more: How Much Electricity Does Bitcoin Mining Use?
This could provide a new source of income for green energy producers, encouraging further investment in sustainable energy technologies.
“Green energy producers have to do their business with the assumption that part of the energy they generate is wasted. If bitcoins provide a new source of income for those same energy producers, if they are exposed to additional investments, this would encourage more green energy to be introduced,” Tateiwa explained.
In the year In 2022, TEPCO launched Agile Energy X to monetize its surplus energy, including through crypto mining. Currently, the company is working with local hardware maker TRIPLE-1 to develop distributed data centers powered by surplus renewable energy.
Meanwhile, Agile Energy's efforts reflect a broader shift toward green energy in Bitcoin mining. A Coinshares report shows that Bitcoin miners actively seek out the lowest cost energy and often use renewable energy sources in remote locations.
Read more: Bitcoin Mining from Home: Possible in 2024?
In fact, the data shows that 56 percent of miners now use renewable energy for their operations. Bitcoin environment analyst Daniel Batten noted that this shows that BTC's sustainable energy mix is up 6% for the year and growing faster than any other industry.
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