Agile Energy X is conducting an experiment to utilize surplus solar energy to fuel Bitcoin mining operations.
In order to encourage the use of green energy, a subsidiary of Tokyo Electric Power Co. (TEPCO) is pursuing Bitcoin mining as a means of utilizing squandered renewable energy.
Agile Energy X, a subsidiary of TEPCO, is conducting an experiment to utilize surplus solar energy to power Bitcoin mining operations.
Kenji Tateiwa, president of Agile Energy X, has stated that the project’s success could potentially stimulate the integration of additional renewable energy sources into Japan’s power grid.
Tateiwa stated, “Our actions have few analogies in Japan.” “Our framework’s success would encourage the introduction of additional green energy sources.”
The country’s “output control” practices, which entail the reduction of renewable energy production to balance supply and demand or manage transmission constraints, were the driving force behind the initiative.
Tateiwa clarified that this procedure frequently results in substantial energy waste, which prompted Agile Energy X to investigate alternative applications for surplus power.
In order to resolve this matter, the organization has implemented Bitcoin mining devices in the vicinity of solar farms in the prefectures of Gunma and Tochigi, which are situated in close proximity to Tokyo.
The objective of these installations is to capture and utilize energy that would otherwise be squandered. Agile Energy X, a subsidiary of #TEPCO, is investigating the potential of #Bitcoin mining to mitigate waste in Japan by utilizing surplus renewable energy.
The Asahi Shimbun reported that Japan’s output control practices resulted in the waste of 1,920 gigawatt-hours of power in 2023. This amount is equivalent to the annual electricity consumption of 450,000 households.
Agile Energy X conducted simulations that demonstrated that Japan could potentially squander up to 240,000 gigawatt-hours annually if renewable energy were to comprise half of its energy supply.
The company predicts that the utilization of a mere 10% of this surplus power for Bitcoin mining could result in the production of approximately $2.5 billion (360 billion yen) in Bitcoin annually.
Tateiwa is of the opinion that the revenues generated by Bitcoin mining could be used to augment corporate earnings and promote the expansion of renewable energy initiatives.
Fred Thiel, CEO of Marathon Digital Holdings, has commended Japan’s approach in a social media post, drawing attention to the concept.
Texas is currently implementing comparable initiatives, which involve the utilization of renewable energy for grid balancing.
Marathon Digital Holdings, the world’s largest Bitcoin mining corporation, has initiated a new initiative that will generate warmth for an entire community in Finland.
The pilot initiative provides heating for more than 11,000 residents by utilizing the recycled heat produced by Bitcoin mining.
Marathon initiated a 2-megawatt demonstration project in the Satakunta region of Finland in June. Marathon’s inaugural district heating-based pilot project in the Euro region is designed to provide community warmth through the utilization of heat generated by digital asset computing.
Also Read: Ripple CTO Addresses Rumors About the RLUSD Stablecoin
