Japanese Power Behemoth ‘TEPCO’ Forays Into Crypto Mining Sector

• The giant has agreed to terms with TRIPLE-1, a local rig firm. 
• The goal is to employ TRIPLE-1’s semiconductors to power decentralized data centers.

Tokyo Electric Power Grid (TEPCO), a Japanese utility company, is collaborating with TRIPLE-1. The goal is Bitcoin mining, and by extension, making use of the grid’s surplus of electricity. As a regional hardware producer, TRIPLE-1 is a household name.

During the 2012 earthquake and tsunami that hit the Fukushima area, the company’s nuclear reactors were damaged. Since then, it has been difficult for the corporation to regain its former momentum and prestige. It is said that it functioned without enough safeguards in place.

TEPCO is still Japan’s top utility provider after the accident. Its once-huge market valuation of 6 billion USD has fallen to less than 3 billion now.

Banking on Surplus Renewable Energy Sources 

In September of 2022, TEPCO established a subsidiary named Agile Energy X to mine cryptocurrencies using the utility’s excess power. On Monday, they announced in a statement that they had agreed to terms with TRIPLE-1, a local rig firm. The goal is to employ TRIPLE-1’s semiconductors to power decentralized data centers all throughout the country so that renewable energy sources may be fully used.

The Japanese Ministry of Energy has claimed in a report released this year that the country has been generating enormous amounts of renewable energy. However, more and more renewable energy sources are being shut off, thus it’s wasted. Due to system congestion, not enough renewable energy sources have been able to connect.

The project’s official announcement states that it would “make effective use of spare power” by stimulating new demand in the cryptocurrency mining and artificial intelligence processing industries. The three businesses have already launched a demonstration project in Tokyo, which includes a 1.5 MW data center housing 1,300 PCs.

Recommended For You:

Mining Firm Argo Blockchain Desperately Seeking Funds To Survive