The biggest power company in Japan, TEPCO, has started a trial program to mine Bitcoin (BTC) using extra electricity generated by renewable sources.
TEPCO begins Bitcoin mining
The largest energy producer in Japan, Tokyo Electric Power Company (TEPCO), has begun mining bitcoin (BTC). In more detail, the group’s wholly-owned subsidiary Agile Energy X will run this new operation.
The notorious Fukushima nuclear power station was run by TEPCO, whose financial difficulties brought on by the catastrophe resulted in the company’s nationalization.
If TEPCO doesn’t specifically mention Bitcoin in its news release, it’s the same as. In fact, the business declares that it has purchased 1,300 ASIC KAMIKAZE from TRIPLE-1, and that these ASICs are specifically made for the extraction of BTC.
As a result, it is a pilot project that was established in Tokyo on TEPCO Power Grid’s property. In relation to the unit of measurement used to indicate the computational power employed in a blockchain operating with proof-of-work (PoW) consensus, this project was given the moniker “MegaWatt To MegaHash” (MW2MH).
Excess electricity use
Agile Energy X will largely use renewable energy from excess output that cannot be stored to power this facility. She then uses a hypothetical case using solar energy, which on a day with abundant sunshine would produce more than needed:
This initiative attempts to generate fresh demand for data centers and other facilities, hence the “local production for local consumption” of surplus electricity, as opposed to [wasting] electricity that is overproduced and clogging the system by pushing it to flow through power lines.
Additionally, the business acknowledges the benefits of the blockchain. And with good reason—having access to a geographically fragmented database is a huge advantage in a nation “where natural catastrophes occur regularly.” Consequently, a setup like this is less affected by these catastrophes than, say, a single data center would be.