Japanese TEPCO Partners With Mining Rig Maker TRIPLE-1 To Powering Crypto Mining
Tokyo Electric Power (TEPCO), a major Japanese utility, has partnered with mining equipment maker TRIPLE-1 to plan to use extra energy on its system for crypto mining.
In a Wednesday news statement, the two firms inked a memorandum of understanding with TRIPLE-1, a local hardware company, to construct distributed data centers around the country that capitalize on excess renewable energy using TRIPLE-1’s chips.
The project’s goal is to make good use of extra electricity by creating fresh demand for crypto mining and artificial intelligence processing.
TEPCO established Agile Energy X in September with the goal of creating digital value from the utility’s surplus electricity, including through crypto mining.
The three businesses have already established a demonstration project in Tokyo: a 1.5 megawatt (MW) data center with 1,300 computers that resemble mining rigs in a photo accompanying the news announcement.
TEPCO remains one of Japan’s top utility businesses, with a market capitalization of about JPY 820 billion ($6 billion), less than half of what it was before the Fukushima tragedy.
After an earthquake and tsunami devastated nuclear reactors in Fukushima that were operating without sufficient risk controls in 2011, the company has fought to recover its business and image. The government eventually purchased a 50.1% share in the company in 2012.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu