Japanese Energy Company Has Taken Action for Crypto Mining!

The Bit Journal Editor
By The Bit Journal Editor Add a Comment
2 Min Read

Japanese Energy Company Has Taken Action for Crypto Mining! One of Japan’s largest utility companies, Tokyo Electric Power Grid (TEPCO), is working with local mining producers TRIPLE-1 to get more electricity into its grid. .

In September, TEPCO established a subsidiary called Agile Energy X with the aim of creating digital value from valuable electricity, including through cryptocurrency mining. TEPCO and Agile Energy X have signed an agreement with TRIPLE-1 to build a nationwide distributed data center using renewable energy and TRIPLE-1 semiconductors.

The purpose of this project is to put excess power to good use by creating new demand for crypto mining and artificial intelligence. The group has set up a demonstration project in Tokyo, a 1.5 megawatt (MW) data center with 1,300 computers.

Bearish Market Sentiment Leads to Crypto Mining

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Bitcoin miners shut down machines as bearish market sentiment hits the cryptocurrency industry again. In addition, Bitcoin miners are caught between a low Bitcoin price, which reduces their income, and a high electricity bill, which increases their cost.

Additionally, energy prices have risen in recent days, as have natural gas prices. Developers such as Core Scientific (CORZ), Greenedge Generation (GREE), Iris Energy (IREN) and Argo Blockchain (ARBK) are experiencing financial difficulties, and Compute North has applied for the 11th capital.

At the same time, many ASIC machines are flooding the market, while the average price has already dropped by 80% since last December. According to CryptoQuant, Bitcoin miners are selling fast, but the sum of their reserves has remained more or less stable this year.

At the time of going to press, FX Reserves has 2,121,737.85 BTC. Also, Bitcoin exchange entry is more than exit. According to Chainalysis, the supply of BTC on the exchange stands at $76.76K, at the time of this writing.

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