• Tokyo Electric Power Company (TEPCO) Power Grid is partnering with TRIPLE-1 to mine bitcoin with excess energy across the country.
• TEPCO is joining major global energy companies in jumping on the bitcoin mining bandwagon to monetize surplus power.
• Agile Energy X and TRIPLE-1 signed a memorandum of understanding to build a constructive strategic partnership to use excess energy to mine bitcoin.
Tokyo Electric Power Company (TEPCO) Power Grid, Japan’s largest electric power company in total assets, is partnering with TRIPLE-1, a local semiconductor designer and developer, to mine bitcoin with excess energy across the country. This partnership is part of a larger trend among energy companies looking to monetize surplus power.
TEPCO has a long history in Japan and is still suffering from the 2011 accident at the Fukushima nuclear reactor, where an earthquake and huge tsunami knocked out some of its cooling systems, allowing three reactors to melt down. The power company later admitted that it had failed to take stronger measures to prevent such disasters, leading to expensive compensation for victims.
In an effort to generate revenue to offset such costs, TEPCO’s power transmission and distribution company, TEPCO Power Grid, is now seeking ways to monetize surplus power with bitcoin mining through its wholly-owned subsidiary Agile Energy X. To this end, Agile Energy X signed a memorandum of understanding with TRIPLE-1 on November 11 to build a constructive strategic partnership. Through this collaboration, Agile aims to use the excess energy to mine bitcoin.
This move by TEPCO is not without precedent, as other major global energy companies have also jumped on the bitcoin mining bandwagon. ConocoPhillips is selling stranded gas to bitcoin miners in the Bakken, an oil-abundant region in the U.S., while Exxon has an agreement with Crusoe Energy Systems to redirect gas that would otherwise be wasted from an oil well pad to mobile bitcoin mines.
By utilizing excess energy for bitcoin mining, TEPCO is helping to reduce energy waste and generate revenue to offset the costs of the 2011 Fukushima accident. With this partnership, the company is working to create a more sustainable future for the industry and the country.