Japanese electric provider Tokyo Electric Power Company (TEPCO) is tapping into clean energy for bitcoin mining, bringing about a greener way for the cryptocurrency market, reported Bitcoin Magazine.
TEPCO is the largest energy provider in Japan, supplying over 270 million people with energy, according to Bitcoin Magazine. The company created a subsidiary called Agile Energy in 2022, which is now using excess energy from wind and solar power to help generate bitcoin mining, per Bitcoin Magazine.
Clean energy production, like wind and solar, have fluctuations in when energy is being produced. For example, solar farms will generate much more energy on a sunny day than when it's cloudy, and wind energy may produce more energy in the evenings when it is windier, as explained in a report from the MIT Climate Portal. When there is an excess of energy, finding ways to use it or store it is important to ensure clean energy is being used as efficiently as possible.
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TEPCO is using excess clean energy to power the energy-demanding practice of cryptocurrency mining. The U.S. Energy Information Administration estimates that the annual amount of electricity used for cryptocurrency mining is equivalent to the amount of electricity needed for all of Utah and West Virginia and more in a year. NFT Evening estimated that the electricity needed to mine one bitcoin is enough to power 61 U.S. homes for a year.
Therefore, understanding how energy-intensive the practice of cryptocurrency mining is, it is a great opportunity to tap into excess clean energy. Clean energy, like solar and wind, does not release dirty pollution like energy from oil and coal does. Companies that use clean energy are supporting cleaner air and water globally, with positive impacts like healthier air quality, and stronger ecosystems.
While there are many ways for individuals to support the production and use of clean energy, it is much more impactful for major corporations, especially energy providers, to commit to using clean energy, like TEPCO. Other examples of this include REI and Intuit's help in producing new solar farms, and Toyota funding a capital venture firm specifically focused on clean energy solutions.
"Green energy producers have to operate their businesses on the assumption that part of the power they generate is wasted," stated Kenji Tateiwa, Agile Energy President, to Bitcoin Magazine. "If bitcoins were to provide a new source of income for similar power producers, who are being exposed to overinvestments, that would prompt more green energy to be produced."
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