Agile Energy X, a subsidiary of Tokyo Electric Power Company (Tepco), has made moves to mine Bitcoin using wasted renewable energy.
According to local news agency Asahi Shimbun, Agile Energy X President Kenji Tateiwa stated in his statement that they aim to both prevent energy waste and support the cryptocurrency ecosystem by using excess solar energy in Bitcoin mining.
“What we are doing has few analogues in Japan. The success of our initiative will encourage the introduction of more green energy.
This initiative aims to contribute to the sustainability of Bitcoin mining while promoting the use of green energy.”
The company said it estimates that using 10 percent of excess energy for Bitcoin mining could generate approximately ¥360 billion ($2.5 billion) worth of BTC each year.
Chairman Tateiwa added that he believes that if Bitcoin mining generates profits that can be transferred to corporate earnings, it will stabilize corporate governance and allow for more green energy to be deployed.
*This is not investment advice.
