November 28, 2023

Japan’s largest electric power company is about to start mining bitcoin.

Tokyo Electric Power Company (TEPCO) Power Grid is partnering with TRIPLE-1, a local semiconductor designer and developer, to mine bitcoin with excess energy across the country, CoinDesk first reported. TEPCO is the country’s largest electric power company in total assets, per Statista data.

TEPCO is the utility behind the Fukushima nuclear reactor, which in 2011 was struck by an earthquake and huge tsunami that knocked out some of its cooling systems, allowing three reactors to melt down. The power company later admitted that it had failed to take stronger measures to prevent such disasters. TEPCO is still suffering from the accident, as compensation for victims is taking a toll on its profitability to this day. Now, its power transmission and distribution company, TEPCO Power Grid, is seeking ways to monetize surplus power with bitcoin mining through its wholly-owned subsidiary Agile Energy X.

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