Tokyo Electric Power Subsidiary Begins Bitcoin Mining with Surplus Energy

In Brief:

Agile Energy X, a subsidiary of Tokyo Electric Power, is using surplus renewable energy to mine Bitcoin in Tochigi and Gunma prefectures.

The initiative aims to utilize untapped electricity, potentially mining up to $2.5 billion worth of Bitcoin annually.

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Tokyo Electric Power Subsidiary Begins Bitcoin Mining with Surplus Energy

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Agile Energy X, a subsidiary of Tokyo Electric Power Company Holdings, has ventured into Bitcoin mining by harnessing surplus green energy. The company has set up mining operations in Tochigi and Gunma prefectures, focusing on areas with excess renewable energy.

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Utilizing Untapped Renewable Energy

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The southwestern region of Kyushu, along with other areas like Shikoku and Hokkaido, frequently generates more electricity than needed, leading to wasted power. Agile Energy X's CEO, Kenji Tateiwa, proposed using this surplus energy for Bitcoin mining back in 2018. In 2021, the region experienced 74 days of output controls to manage excess electricity.

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Last year, Japan saw 1,920 gigawatt-hours of power affected by these controls. With the country's gradual shift towards renewable energy, the potential for wasted power is expected to rise. By tapping into just 10% of this surplus, Agile Energy X estimates it could mine up to $2.5 billion worth of Bitcoin annually.

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