A subsidiary of the Tokyo Electric Power Company (Tepco), Agile Energy X, is pioneering a project aimed at harnessing wasted solar energy for Bitcoin mining.
A subsidiary of the Tokyo Electric Power Company (Tepco), Agile Energy X, is pioneering a project aimed at harnessing wasted solar energy for Bitcoin mining.
The initiative, reported by local outlet Asahi Shimbun on September 8, seeks to mitigate the significant amount of renewable energy that goes unused due to curtailment practices in Japan.
Agile Energy X has set up Bitcoin mining rigs near solar farms in Gunma and Tochigi prefectures, regions close to Tokyo. Kenji Tateiwa, the company’s president, noted that successful implementation of this project could encourage further investments in green energy solutions.
He emphasized that Japan's existing “output control” methods, where renewable energy production is intentionally reduced and could be repurposed to support Bitcoin mining.
In 2023, approximately 1,920 gigawatt-hours of solar energy were curtailed in Japan, equivalent to the annual energy consumption of around 450,000 households. Agile Energy X's simulations suggest that if renewable energy constitutes 50% of the nation's power supply, an estimated 240,000 gigawatt-hours could be wasted annually.
The company estimates that utilizing just 10% of this surplus for Bitcoin mining could yield profits of approximately 360 billion Japanese yen, or $2.5 billion.
The initiative aligns with trends seen in the United States, particularly Texas, where crypto mining firms are leveraging renewable energy for grid balancing.
Industry leaders, including Fred Thiel, CEO of Marathon Digital Holdings, have commented on the potential benefits of this approach, suggesting that it could serve as a model for utilities elsewhere.
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