In what is yet another sign of the increased relevance of cryptocurrencies, the largest electricity company in Japan, Tokyo Electric Power Company (TEPCO), is set to mine Bitcoin using renewable energy. Indeed, a TEPCO subsidiary is looking to grow BTC using green power.
Although the last month has been tough for Bitcoin’s price, its overall importance hasn’t diminished. Moreover, companies are still looking for avenues of exposure to the leading cryptocurrency. These kinds of developments should be huge for the industry’s growth in the long term.
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Japan’s TEPCO Changes the Game, Will Use Renewable Energy to Mine Bitcoin
Mining remains a vital component of cryptocurrencies. For Bitcoin, the practice is invaluable. It is the immensely complicated process that specified engineers undergo to create new BTCs that enter circulation. Although they are important, they are also energy intensive.
That aspect of the process has created its fair share of detractors. Many regulatory bodies harp on the impact that mining, and the computing power necessary for it, has on the overall power grid. Yet, one company is looking to change that.
Japan’s largest electricity company, Tokyo Electric Power Company, is set to mine Bitcoin using renewable energy. According to an Asahi report, the firm will mine through its Agile Energy X subsidiary. More importantly, it will use energy that would have otherwise gone to waste, to mine the asset.
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TOCI currency has more than 27 million customers in both the business and residential sectors Their foray into Bitcoin mining, and the use of renewables would be a major step forward for the industry. Additionally, Agile Energy X has already developed BTC mining rigs near solar farms in Gunma and Tochigi prefectures.
“Green energy producers have to operate their businesses on the assumption that part of the power they generate is wasted,” Agile Energy president Kenji Tateiwa told Asahi. “If Bitcoins were to provide a new source of income for similar power producers, who are being exposed to overinvestments, they would prompt more green energy to be introduced.”