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Major Japanese Utility Works With Local Hardware Maker to Capitalize on Excess Power With Crypto Mining
The utility behind the Fukushima nuclear reactor is trying out crypto mining.
Updated May 9, 2023, 4:04 a.m. Published Dec 14, 2022, 8:53 a.m.
Tokyo Electric Power Grid (TEPCO), a major utility company in Japan, is working with local mining rig manufacturer TRIPLE-1 to capitalize on excess power on its grid.
The utility has struggled to rebuild its business and reputation after, in 2011, an earthquake and tsunami struck nuclear reactors in Fukushima that it was operating without proper risk controls. In 2012, the government later bought a 50.1% stake in the company.
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TEPCO formed a subsidiary called Agile Energy X aimed to create digital value out of the utility's excess power, including through cryptocurrency mining, in September. The two companies signed a memorandum of understanding with TRIPLE-1, a local hardware manufacturer to develop distributed data centers throughout the country that capitalize on excess renewable energy with TRIPLE-1's semiconductors, according to a Wednesday press release.
The aim of the project is to "make effective use of surplus power" by creating new demand for crypto mining and artificial intelligence computation, according to the press release.
The three companies have already set up a demo project in Tokyo: a 1.5 megawatt (MW) data center with 1,300 computers, which look very similar to mining rigs in a photo posted along with the press release.
Japan could be generating twice the amount of renewable energy its is producing today, Japan's Ministry of Energy said in a report published this year. That's because renewable energy curtailment has grown in recent years, meaning more energy goes unused, and it has been difficult to connect more renewable energy sources to the grid due to congestion, the companies said.
Despite the turbulence, TEPCO remains one of the largest utility companies in Japan, with a market cap of approximately 820 billion yen (US$6 billion), less than half what it was before the Fukushima disaster. The utility provides services on the eastern part of Honshu island, including the Tokyo metropolitan area.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
Bilinmesi gerekenler:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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