Agile Energy X, a subsidiary of Tokyo Electric Power Grid (TEPCO), is exploring innovative ways to utilize surplus renewable energy, including Bitcoin mining. As reported by Asahi Shimbun, the company has set up mining operations near solar farms in Gunma and Tochigi prefectures to make use of unused green energy.
Potential for $2.5 Billion in Bitcoin Mining Revenue Using Surplus Energy
According to Agile Energy X’s simulations, Japan could face a significant power surplus if it achieves its target of 50% renewable energy by 2050. The surplus could reach around 240,000 gigawatt-hours, and using just 10% of this excess could potentially generate $2.5 billion in Bitcoin annually.
Kenji Tateiwa, President of Agile Energy X, acknowledged that energy output limitations currently impact mining profitability. However, he noted that as Japan’s renewable energy infrastructure expands, Bitcoin mining could become a profitable use of surplus energy.
This development could offer green energy producers a new revenue stream, encouraging further investment in renewable energy technologies. Tateiwa explained that if Bitcoin mining could provide additional income for power producers facing overinvestment challenges, it would likely lead to increased adoption of green energy.
Launched by TEPCO in 2022, Agile Energy X aims to capitalize on surplus energy through various initiatives, including cryptocurrency mining. The company has partnered with local hardware manufacturer TRIPLE-1 to create distributed data centers powered by excess renewable energy.
Agile Energy X’s initiative is part of a broader trend in Bitcoin mining, where miners are increasingly turning to renewable energy. A report from Coinshares highlighted that many Bitcoin miners seek out the lowest-cost energy sources, often using stranded renewable energy in remote locations.
According to recent data, 56% of Bitcoin miners now rely on renewable energy for their operations. Daniel Batten, an environmental analyst specializing in Bitcoin, noted that the industry’s sustainable energy mix has increased by 6% this year, outpacing many other industries.
Disclaimer
This article adheres to the Trust Project guidelines, aiming for unbiased and transparent reporting. While every effort has been made to ensure the accuracy of the information, readers are encouraged to verify facts independently and seek professional advice before making any decisions based on this content.
