To make use of the extra electricity on its grid, Tokyo Electric Power Grid (TEPCO) is collaborating with the local producer of mining rigs, TRIPLE-1.
According to the initial story from CoinDesk, Tokyo Electric Power Company (TEPCO) Power Grid is collaborating with TRIPLE-1, a local semiconductor designer and developer, to mine Bitcoin using surplus power around the nation. According to Statista data, TEPCO has the greatest overall assets of any electric power business in the nation with a market cap of approximately 820 billion yen (US$6 billion).
In September, TEPCO established Agile Energy X as a subsidiary with the goal of mining cryptocurrencies with the utility’s surplus power. TRIPLE-1 will build distributed data centers around the nation that use TRIPLE-1 semiconductors to take advantage of abundant renewable energy. The idea is largely focused on cryptocurrency mining, but it also addresses other data center requirements for improving smart cities, autonomous vehicles, the metaverse, and other upcoming data-driven advances in Japan.
According to the announcement, a pilot project has already been established on the grounds of TEPCO Power Grid’s office in the Tokyo metropolitan region. “We have started experiments to confirm the system behavior and the impact on the power grid when equipment is operated with a large amount of power on the scale of 1,500 kW, and have confirmed that the equipment can operate normally.”
TEPCO further added: “TRIPLE-1’s state-of-the-art process technology will be used for the computational computers used in this project, and we will exclusively introduce semiconductors with extremely high power performance. We believe that selecting and introducing energy-saving products that have a low environmental impact is an important initiative toward the realization of a carbon-neutral society.”
How does crypto mining influence energy industries?
It is a well-known fact that environmentalists have criticized Bitcoin for its rising energy usage in the past. However, Bitcoin’s greenhouse gas emissions decreased from 59 metric tons of carbon dioxide equivalent in October 2021 to 48.88 metric tons as of today, according to the Cambridge Bitcoin Electricity Consumption Index. Lawmakers are increasingly focused on the proof-of-work consensus algorithm and pushing for Bitcoin mining to become environmentally friendly.
Blockchain technologies and cryptocurrency mining have attracted interest for sustainable financial development since they use renewable energy as their primary electrical source. This research raises questions about the potential for crypto-mining to use renewable energy in the future, as well as the hardware setup needed to support it. This is predicted to lessen e-waste and advance sustainable development.
Even when using proof of work, not all crypto mining operations have as significant of carbon footprints as some of the industry’s massive emissions. Renewable energy sources like solar, wind, hydroelectric power, and geothermal can be used in mining. Legislators in the United States have proposed a moratorium to partially restrict cryptocurrency mining activities that employ proof of work authentication techniques to confirm blockchain transactions in order to deter carbon-intensive mining operations. Renewable energy-using mining activities would be exempt from the prohibition.
Final thoughts
Technology development, government support, and hybrid renewable energy systems working together can hasten the switch to green energy. Utilizing energy balancing strategies, curtailment, and enhanced storage will put a stop to the inefficient use of power, help initiatives to tackle climate change, and provide the opportunity for higher Bitcoin mining profitability.
Rickie Sanchez is an article writer specializing in cryptocurrency news. Since late 2017, he has been actively investing in cryptocurrencies. He is enthusiastic about everything that has to do with crypto and he hopes that the readers of his articles in the years to come will gain a massive understanding of blockchain technology.
