In a unique move towards sustainable cryptocurrency mining, Agile Energy X, a subsidiary of Tokyo Electric Power Co. (TEPCO), lurks on the fringes of solar farms ready to make the most of surplus renewable power. With Japan’s largest power utilities company steering its direction, Agile Energy X is pioneering a greener path for Bitcoin mining.
The power generated by renewable energy sources–like the solar farms Agile Energy X snuggles up to–is often curtailed to prevent excessive supply, leading to inevitable waste. Yet, the TEPCO subsidiary sees this as a golden opportunity rather than discarding it, using the ‘waste’ to power Bitcoin mining units.
Agile Energy X’s President, Kenji Tateiwa, is hopeful about the implications of their framework: “What we are doing has few parallels in Japan.” If their business model proves successful, Tateiwa believes it could stimulate further development and usage of green energy.
Japan, with its ambitious goal of being carbon-free by 2050, will add more renewable energy sources to its grid, potentially leading to more ‘unused’ energy. Simulations from Agile Energy X suggest that 240,000 gigawatt-hours of energy might go to waste if renewables make up half of Japan’s energy resources.
Rather than viewing this as an inevitable problem, Tateiwa proposes a solution: “If bitcoins were to provide a new source of income for similar power producers, that would prompt more green energy to be introduced.” Therefore, Bitcoin may not just be an asset; it could also be a key player in green energy production’s future.