TEPCO, which serves over 27 million residential and business customers, established Agile Energy in 2022. The subsidiary is now using excess renewable energy to power Bitcoin mining operations.
Major Japanese electricity provider Tokyo Electric Power Company (TEPCO) has begun mining Bitcoin through its subsidiary Agile Energy X, utilizing excess renewable energy that would otherwise go unused, Asahi reports.
TEPCO, which caters to over 27 million residential and business customers, established Agile Energy in 2022. The subsidiary now leverages surplus renewable energy to power Bitcoin mining operations, with mining rigs situated near solar farms in Gunma and Tochigi prefectures.
The project aims to tackle the issue of energy waste encountered by solar and wind farms, which are occasionally compelled to scale back production to prevent overloading Japan's electrical grid. Rather than being wasted, the excess energy is redirected for Bitcoin mining.
"Green energy producers have to operate their businesses on the assumption that part of the power they generate is wasted," explained Agile Energy President Kenji Tateiwa.
"If Bitcoin 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."
This approach showcases one method by which Bitcoin mining can support renewable energy producers through the creation of an additional revenue stream. Tateiwa further noted that profits from Bitcoin mining could drive increased investment in renewable energy infrastructure.
In other countries, such as El Salvador, excess renewable energy, including geothermal energy, has also been allocated for Bitcoin mining. These initiatives indicate that surplus energy, which might otherwise be lost, can be repurposed for Bitcoin mining.
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