Agile Energy X, a subsidiary of Tokyo Electric Power Company (TEPCO) in Japan, is investigating the utilization of excess renewable energy for Bitcoin mining.
The startup is deploying mining machines adjacent to solar farms in Gunma and Tochigi prefectures, with the objective of transforming surplus renewable energy into crypto.
A calculation conducted by Agile Energy X indicates that if Japan attains its objective of 50% renewable energy by 2050, around 240,000 gigawatt-hours of electricity may be rendered surplus.
Utilizing even 10% of this surplus could yield $2.5 billion in Bitcoin each year, underscoring the significant potential for capitalizing on green energy via crypto mining.
The plan could enhance investments in renewable energy and advantage Bitcoin mining. It may encourage additional investment in renewable energy technologies, as green energy firms frequently encounter overinvestment and energy wastage. In 2022, TEPCO initiated Agile Energy X to explore methods for monetizing surplus energy, including bitcoin mining.
Agile Energy X’s initiatives reflect a broader trend within the crypto sector, as Bitcoin miners progressively pursue economical energy alternatives, with 56% now depending on renewable energy for their operations.
Bitcoin’s renewable energy composition rose by 6% over the past year, establishing it as a significant contributor to the advancement of green energy, with initiatives such as Agile Energy X spearheading the effort.
