By George Ward
TEPCO is taking full advantage of Japan’s rise in renewable energy sources, leveraging this new resource to help meet its energy needs. By incorporating solar, wind, and other forms of renewable energy into their energy mix, TEPCO is helping ensure a cleaner, greener energy future for Japan.
By taking the surplus electricity from renewable energy sources, including solar and wind, and using it to power its bitcoin and altcoin mining operations, TEPCO can help to reduce its carbon footprint while also taking advantage of what could be a lucrative new revenue stream.
TEPCO first revealed its mining initiatives in the latter part of 2022. However, it has maintained an interest in crypto-related projects for several years.
In the summer of 2020, the corporation declared that it was collaborating with Itochu, a trading company, to create a blockchain-based energy trading platform. Recently, the business elucidated its plans for transforming excess energy into cryptocurrency – and the intentions for the digital assets it mines.
The Japanese power giant plans to use the proceeds of its crypto mining operations to fund various projects, including developing a blockchain-based surplus power trading platform. TEPCO plans to use primarily rural areas for its mining activities, in which renewable energy sources are abundant.
During the daylight hours, the observation was that solar energy is often in plentiful supply. Further observations showed that this plentiful amount of energy is not being utilized.
The technology for energy storage systems has yet to keep up with advancements in solar and wind power generation.
TEPCO’s ‘Nationwide’ Crypto Mining Strategy
The Kyushu Electric Power Company, as an example given by TEPCO, is an electricity provider for Kyushu, the southernmost and third-largest island of Japan’s five main islands. TEPCO commented that Kyushu has many photovoltaic systems.
But their electricity production exceeds the daytime demand. “Currently, renewable energy sources generate more energy than is being utilized. TEPCO is aiming to capitalize on this excess energy by mining cryptocurrencies,” the specialist stated.
TEPCO intends to link numerous “distributed data centers” nationwide to an array of cryptocurrency mining rigs through Agile Energy X, its subsidiary. This company runs a “distributed computing” platform that will enable it to purchase and supply extra electricity generated by regional governments and sustainable energy businesses that use renewable sources.
TEPCO stated that it would recirculate a portion of the gains from its crypto operations to regional authorities and businesses through electricity subsidies. It also has similar plans to use extra energy to mine cryptocurrencies in hydroelectric power stations across Latin America, particularly Paraguay and Costa Rica.
TEPCO’s plans to use renewable energy to power its mining operations are an exciting development in cryptocurrency and blockchain technology. By taking advantage of the increasing availability of renewable energy and using it to power its mining operations, TEPCO is helping to lower its carbon footprint and potentially create a new and lucrative revenue stream.