As an analyst with extensive experience in energy and technology sectors, I find this development by Agile Energy X particularly intriguing. Having witnessed Japan’s struggles with managing excess renewable energy and preventing power waste, it’s refreshing to see a creative solution like Bitcoin mining being proposed.
Based on a recent report from The Asahi Shimbun, Agile Energy X – a branch of Tokyo Electric Power Company Holdings – is now delving into Bitcoin mining, leveraging excess renewable energy as aid.
The company has already set up mining equipment in Tochigi and Gunma prefectures. It focuses on the locations where it is possible to utilize excess renewable energy.
In the southwesternmost part of the main islands lies Kyushu, an area often confronted with unused electricity generated from various underutilized energy sources. A 2021 report by The Mainichi indicates that the power equivalent to multiple nuclear reactors can go wasted in just one day.
To maintain output control, manufacturers must halt production when market demand decreases, which results in them having to dispose of excess energy.
Starting from October 2018, Kyushu region initiated these strategies. It was during this period that Kenji Tateiwa, CEO at Agile Energy X, proposed an innovative solution – utilizing excess energy for Bitcoin mining. The subsequent year saw the region experiencing 74 days of energy output restrictions.
Other Japanese regions, such as Shikoku and Hokkaido, have also faced similar problems.
1,920 gigawatt-hours of energy production was adjusted due to output restrictions, as reported by The Asahi Shimbun last year.
For now, coal remains a key part of Japan’s energy mix. However, with its gradual transition to renewable energy, the amount of wasted power is expected to increase.
Approximately $2.5 billion worth of Bitcoin could potentially be mined annually if we put 10% of unused energy towards mining operations.
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2024-09-09 09:27