Japan's Largest Electricity Provider Explores Bitcoin Mining with Surplus Renewable Energy

• In Japan, renewable energy production is often reduced to manage supply, demand, and transmission limits. To utilize this excess energy, Agile Energy X has installed Bitcoin mining machines near photovoltaic plants in Gunma and Tochigi prefectures, near Tokyo.

"What we are doing has few parallels in Japan. Success of our framework would prompt more green energy to be introduced," said Kenji Tateiwa, president of the company.

• TEPCO serves over 27 million residential and business customers. In 2023, about 1,920 gigawatt-hours of energy were reduced in Japan. The government aims for carbon neutrality by 2050, targeting green energy to supply 50-60% of the country's total power.
• The company estimates that if renewables met 50% of Japan's energy needs, up to 240,000 gigawatt-hours could be wasted annually. Using even 10% of this excess energy for Bitcoin mining could generate up to $2.5 billion (360 billion yen) per year.

"Green energy producers have to operate their businesses on the assumption that part of the power they generate is wasted. 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," added Tateiwa.

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