World’s 4th Largest Power Company Looks into Bitcoin Mining Through Subsidiary

Agile Energy X – a company incorporated in Tokyo, Japan, and a subsidiary of the Tokyo Electric Power Company (TEPCO), is reportedly tapping into Bitcoin mining.

According to recent coverage, the firm looks to expand its capabilities through Bitcoin mining, banking that it can prevent waste of excess renewable energy.

It’s important to note that TEPCO is the largest electric utility company in Japan and also the 4th largest in the world.

Speaking on the matter was Kenji Tateiwa, president of Agile Energy X Inc., who said:

What we are doing has few parallels in Japan. Success of our framework would prompt more green energy to be introduced.

The executive also shared that he got the inspiration all the way back in 2018, when major issues concerning “output power control,” were brought up. The Bitcoin mining initiative would help energy producers to control their output through multiple means, such as temporarily halting power generation and using up the oversupply. This is especially relevant for photovoltaic power because its generation peaks during the daytime.

That being said, the company is yet to start mining Bitcoin. Tateiwa has proposed this new in-house project and the idea will be thoroughly tested through multiple demonstrations.