In order to prevent excess electricity generated by renewable energy from being wasted, Agile Energy X, a subsidiary of Japanese power giant Tokyo Electric Power Company, is trying to use excess solar energy to mine Bitcoin. The company said that if Bitcoin mining can make the company profitable, it will stabilize corporate management and promote the introduction of more green energy.
(Previous article: Bitcoin mining and AI: Which one is exhausting electricity resources faster?)
(Background supplement: Bitcoin mining saves the earth? Paper: It helps reduce methane emissions and can reduce global greenhouse gases by 8% by 2030)
If Bitcoin mining can make companies profitable, it will promote the introduction of more green energy
In 2023, a total of 1,920 gigawatt hours of electricity will be controlled across Japan, equivalent to the annual electricity consumption of about 450,000 households.
Agile Energy's simulations show that if renewable energy accounts for 50% of Japan's electricity supply, 240,000 GWh of electricity could be wasted each year due to power output control. If 10% of this excess electricity could be used for Bitcoin mining, about 360 billion yen ($2.5 billion) worth of Bitcoin could be mined each year.
Mining industry praises Agile Energy X initiative
Agile Energy X's move was widely praised by the mining industry. Fred Thiel, CEO of Bitcoin miner Marathon Digital Holdings, tweeted that this innovative Japanese utility company is using excess energy by mining Bitcoin, and it's time for American utilities to wake up.
Bitcoin ESG analyst Daniel Batten lamented:
While the EU is busy attacking Bitcoin, Japan is busy studying it.
The Asahi Shimbun pointed out that in fact, more and more companies in Texas, USA, have used renewable energy to mine Bitcoin. This electricity cannot be transmitted to places where it is needed, and if it is not mined locally, it will be wasted. Related measures have made the United States a world leader in Bitcoin mining.
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