Tokyo Electric Power (TEPCO), JapanIndia’s largest power provider has revealed how it plans to use surplus renewable power for its electricity bitcoin (btc) and altcoin mining operations.
tepco first unveiled its mining plans late last yearProviding a boost to local crypto markets. But it seems to have been working on related projects for several years.
Back in June 2020The firm said it was partnering with trading company Itochu to co-build a blockchain-based surplus electricity trading platform.
And now, in a post hosted by data-maxThe company has explained how it hopes to go about converting the excess power into crypto – and what it hopes to do with the coins it mines.
TEPCO announced that it expected to conduct most of its mining “in rural areas, where there is a surplus of renewable energy”. The firm explained that, during the daytime, solar power is often “abundant”.
The company said that in many cases this abundance goes to waste. Energy storage technology, it has been clarified, has yet to catch up with advances in solar and wind power generation.
TEPCO’s ‘Nationwide’ Crypto Mining Plan
TEPCO cited the example of Kyushu Electric Power Company, which provides electricity to Kyushu, the third largest and southernmost of Japan’s five major islands.
TEPCO said that there are “many photovoltaic power generation systems” in Kyushu. But, it said, “power generation exceeds demand” during day time. Provider wrote:
“The current situation sees surplus energy generated by renewable energy sources ‘thrown away’ without use. TEPCO hopes to harness this renewable surplus electricity in full through a cryptocurrency.”
The company plans to do this with the help of its subsidiary, Agile Energy X. The firm operates a “distributed computing” platform that will allow it to buy and provide surplus electricity generated using renewable sources by local governments and renewable energy companies.
TEPCO said it intends to connect “distributed data centers” “across the country” to power a network of crypto mining rigs.
TEPCO said that “a portion of the profits” from the coins would be “returned to local governments and businesses” in the form of electricity grants.
Hydroelectric power stations in Latin American countries employ similar surplus energy-powered crypto mining incentives like costa rica and Paraguay.
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