TEPCO, Japan’s largest power company, has outlined how it intends to use surplus renewable electricity to fuel its Crypto mining. TEPCO initially revealed its mining intentions late last year, increasing the size of local crypto markets.
However, it has been working on similar efforts for a number of years. In June 2020, the company started a partnership with the trading firm Itochu to co-create a blockchain-based excess power trading firm.
Nowadays, in a post on Data-Max, the business has outlined how it intends to convert extra electricity into cryptocurrency – and what it intends to do with the coins it generates.
TEPCO said that most of its mining will occur “in rural regions with a surplus of renewable energy.” According to the company, solar electricity is frequently “abundant” during the day.
According to the firm, in many circumstances, this wealth is simply wasted. It highlighted that energy storage technology has yet to catch up with developments in solar and wind power generation.
TEPCO’s “National” Crypto Mining Operation
TEPCO mentioned the Kyushu Electric Power Company, which delivers power to Kyushu, Japan’s third-largest and most southerly island.
TEPCO stated that “there are several solar power production installations” in Kyushu. However, it said that “electricity generation exceeds demand” during daylight hours. The seller wrote:
The extra energy created by renewable energy sources is now ‘thrown away’ without being utilized. TEPCO intends to fully use this excess renewable energy by mining cryptocurrency.
The business intends to accomplish so with the assistance of its subsidiary, Agile Energy X. This company offers a “distributed computing” technology that will enable it to buy and distribute excess electricity generated by local governments and energy source energy firms utilizing renewable sources.
TEPCO went on to say that it plans to connect “distributed data centers” “all across the nation” to fuel a network of crypto mining machines.
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TEPCO indicated that “a portion of the income” from the coins “would be returned to local governments and enterprises” through power grants.
Similar extra energy-powered crypto mining incentives have been implemented in Latin American countries such as Costa Rica and Paraguay. Additionally, Electricity prices are high in Japan, a fact that has limited the growth of the domestic BTC mining sector.