TEPCO Power Grid, a large power company, has partnered with a local semiconductor company to deploy bitcoin mining operations across Japan. They will, however, capitalize on surplus electricity from renewable energy to mine bitcoins.
TEPCO is about to start mining bitcoin
Tokyo Electric Power Company (TEPCO) Power Grid, one of Japan’s largest electric utilities, has gotten into Bitcoin mining. In fact, Agile Energy X, a wholly owned subsidiary of TEPCO Power Grid Corporation is leading the operation.
In fact, TEPCO is the utility behind the notorious Fukushima nuclear reactor. The latter is known to have been ravaged in March 2011, by an earthquake and a huge tsunami that melted three reactors and caused much damage.
The consequences of the accident weigh on the profitability of TEPCO to this day. Especially since it still has to pay to compensate the victims of the disaster. They also have to cover the costs of clean-up and dismantling.
To get out of this predicament, the electricity company TEPCO Power Grid is looking for ways to monetize the surplus electricity. To do so, it has turned to bitcoin mining.
According to a statement released on Wednesday, December 14, Agile Energy X has signed an agreement with TRIPLE-1 since November 11. In addition, they have launched a pilot project at TEPCO Power Grid. For this, TRIPLE-1 has already acquired 1,300 KAMIKAZE ASICs designed for bitcoin mining.
We have started experiments to confirm the behavior of the system and the impact on the power grid when the equipment operates with a large amount of power at the scale of 1,500 kW. And we have confirmed that the equipment can operate normally,Extract from the Statement
Monetizing surplus electricity with Bitcoin
TEPCO’s mining facilities will use surplus electricity from renewable energy sources across the country. This will allow it to make good use of its surpluses, rather than throwing them away or forcing them to flow into power lines to clog the grid.
The goal of the project is to efficiently use the excess electricity generated over demand by creating new demand for data centers and other facilities, rather than throwing it away or forcing it to flow into power lines and clog the grid.Statement
In fact, TEPCO’s experience is not an isolated case. For some time, several power companies have turned to Bitcoin mining to boost their revenues. In Africa, for example, electrification projects are self-financing thanks to BTC mining. This is the case in Congo in the Virunga Park. And recently with the Gridless project in Kenya funded by Jack Dorsey.
In short, Bitcoin mining is not the ecological monster that the Wall Street media has always made it out to be. Rather, it is a biocatalyst for the environment.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.