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Agile Energy X, a subsidiary of Tokyo Electric Power Grid (TEPCO), is exploring the use of surplus green energy for Bitcoin mining.
Local media outlet Asahi Shimbun reported that the company has installed mining machines near solar farms in Gunma and Tochigi prefectures. This project aims to tap into unused renewable energy.
Japan’s Potential to Mine $2.5 Billion in BTC Using Green Energy
The report added that simulations by Agile Energy X indicate potential power surplus if Japan meets its goal. If Japan achieves 50% renewable energy by 2050, about 240,000 gigawatt-hours of electricity could go unused. The firm noted that utilizing just 10% of that surplus could generate $2.5 billion worth of Bitcoin annually.
Kenji Tateiwa, President of Agile Energy X, believes mining profitability is currently hindered by energy output controls. However, as Japan’s renewable energy infrastructure expands, Bitcoin mining could become a profitable solution for excess energy.
Read more: How Much Electricity Does Bitcoin Mining Use?
This could offer a new revenue stream for green energy producers, encouraging further investment in sustainable energy technologies.
“Green energy producers have to operate their businesses on the assumption that part of the power they generate is wasted. If bitcoins were to provide a new source of income for similar power producers, who are being exposed to overinvestments, that would prompt more green energy to be introduced,” Tateiwa explained.
In 2022, TEPCO launched Agile Energy X to monetize its excess energy, including through cryptocurrency mining. At the time, the company partnered 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 in Bitcoin mining toward green energy. A Coinshares report highlighted that Bitcoin miners actively seek the lowest-cost energy and often use stranded renewable energy in remote areas.
Read more: Bitcoin Mining From Home: Is It Possible in 2024?
Indeed, data shows that 56% of miners now use renewable energy for their operations. Daniel Batten, a Bitcoin environmental analyst, noted that this shows that BTC’s sustainable energy mix is up 6% for the year, faster than any industry.