Japan’s largest energy company, TEPCO, mines Bitcoin using renewable sources

Tokyo Electric Power Company (TEPCO), Japan’s largest electricity supplier, has started mining Bitcoin through its subsidiary Agile Energy X using surplus renewable energy that would otherwise be wasted, according to reports from Asahi.

JUST IN: 🇯🇵 Japan’s largest energy company, TEPCO, is mining #Bitcoin using surplus energy. pic.twitter.com/ZrsmbV7mv6

— Bitcoin Magazine (@BitcoinMagazine) September 9, 2024

With over 27 million residential and business customers, TEPCO established Agile Energy in 2022, and is now exploring Bitcoin mining powered by surplus renewable energy. The subsidiary has installed mining rigs near solar farms in Japan’s Gunma and Tochigi prefectures.

The initiative helps reduce the waste of green energy from solar and wind farms, which are forced to reduce output to avoid overloading Japan’s grid. This energy is now diverted to generate Bitcoin.

“Green energy producers must operate their businesses under the assumption that some of the energy they generate is wasted,” said Agile Energy President Kenji Tateiwa. “If bitcoins were to provide a new source of income for similar energy producers who are exposed to over-investment, that would drive more green energy.”

The project shows how Bitcoin mining can boost the growth of renewable energy, providing producers with additional revenue streams. Tateiwa said Bitcoin profits could encourage further investment in clean energy to power mining.

Other countries are also using surplus renewables for Bitcoin mining, such as El Salvador, which uses its geothermal energy. This dispels the myth that Bitcoin is dangerous to the environment because mining uses energy that would otherwise be wasted.

More and more companies and countries are figuring out how to turn waste and surplus energy into the hardest cash on earth. As more renewables come online, Bitcoin mining will help reduce wasted energy and emissions.