As a seasoned crypto investor with a keen eye for sustainable investments, I find the initiative by Agile Energy X to be nothing short of revolutionary. Coming from a background that has seen both the nuclear disaster at Fukushima and the renewable energy revolution, I’ve witnessed firsthand Japan’s struggle to balance energy production and consumption effectively.
A branch of Tokyo Electric Power Company (TEPCO), named Agile Energy X, is exploring Bitcoin mining as a means to utilize excess renewable energy. Based in Tokyo, this company plans to harness surplus solar power for running Bitcoin mining equipment. Kenji Tateiwa, the president of the firm, suggested that this project could potentially increase the use of green energy, as reported by Asahi Shimbun on September 8th.
As a researcher, my aim is to advocate for eliminating the “output control” practices prevalent in Japan’s renewable energy sector, particularly when it comes to solar power generation intentionally reduced to align with consumption. This practice often results in wasted energy that could be beneficially utilized. In an effort to make use of this surplus, Agile Energy X has strategically placed Bitcoin mining rigs in proximity to solar stations across the Gunma and Tochigi regions.
In the year 2023, Japan aimed to manage approximately 1,920 GWh of renewable energy output, equivalent to the annual electricity needs of 450,000 households. Agile Energy X aspires to promote a greener approach by harnessing this unused renewable energy for Bitcoin mining purposes.
Bitcoin Mining Using Surplus Energy Could Generate $2.5B Annually, Says Agile Energy X
A former TEPCO nuclear branch employee, Tateiwa, raised similar concerns with Kyushu Electric Power Co. in 2018 when they needed to lower the output from renewables to prevent surplus during peak solar generation hours. This sparked the notion that Bitcoin mining could capitalize on renewable energy sources to minimize waste.
A company called Agile Energy X, established in February 2022, specializing in downstream renewable energy, highlighted that if renewable power accounted for half of Japan’s supply, approximately 240 GWh might be wasted due to curtailment. To give a sense of scale, mining cryptocurrency with just 10% of this surplus could generate around $2.5 billion every year.
The project has gained recognition from prominent global individuals like Fred Thiel, the CEO of Marathon Digital Holdings, and ESG strategist Daniel Batten, who have expressed admiration for Japan’s approach to Bitcoin mining in tandem with renewable energy.
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2024-09-10 00:10