Japan’s Leading Energy Provider TEPCO Begins Mining Bitcoin With Renewables

Tokyo Electric Power Company (TEPCO), Japan’s largest electricity provider, has started mining Bitcoin through its subsidiary Agile Energy X, using surplus renewable energy that would otherwise go unused, according to a report by Asahi.

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, with mining rigs installed near solar farms in Japan's Gunma and Tochigi prefectures.

The project seeks to address the issue of energy waste from solar and wind farms, which are sometimes forced to reduce production to avoid overloading Japan's electrical grid. Instead of being wasted, the surplus 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," said 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 demonstrates one way in which Bitcoin mining could be used to support renewable energy producers by creating an additional income source. 

Tateiwa also mentioned that profits from Bitcoin mining could encourage further investment in renewable energy infrastructure.

Other countries, such as El Salvador, have similarly begun using excess renewable energy, like geothermal energy, for Bitcoin mining. 

These initiatives suggest that surplus energy, which might otherwise go to waste, can be repurposed for Bitcoin mining.