A utility company from Japan is going to mine cryptocurrency
One of Japan’s utility companies, TEPCO, has decided to cooperate with a cryptocurrency mining equipment manufacturer to use surplus energy for mining. In this way, the management of the utility intends to obtain additional benefits.
To implement the plans a subsidiary company Agile Energy X has been created. Its purpose is to channel the surplus power to generate digital value. As a result, it is necessary to create demand for mining cryptocurrencies and use artificial intelligence computing. A demonstration project was launched in Tokyo: a 1.5 mW data center.
The Ministry of Energy of Japan informs that the country can produce twice as much energy from renewable sources, as at the moment a significant part of them is not used.
Tokyo Electric Power Grid (TEPCO) is one of the country’s largest utilities, capitalized at $6 billion. Its nuclear reactors were damaged by the Fukushima earthquake in 2011 and it is now working to rebuild its reputation and business.
