TEPCO Partners with TRIPLE-1 to Mine Cryptocurrencies Using Excess Electricity

Japanese utility Tokyo Electric Power Company (TEPCO) is reportedly teaming up with local mining rig manufacturer TRIPLE-1 to harness excess power in its grid. Tepco established a subsidiary called Agile Energy X in September to create digital value from the company's excess electricity, including mining cryptocurrencies. In a press release Wednesday, the two companies signed a memorandum of understanding with local hardware manufacturer TRIPLE-1 to develop distributed data centers across the country that utilize TRIPLE-1's semiconductors and tap excess renewable energy. According to the press release, the project aims to "effectively utilize surplus electricity" by creating new demand for cryptocurrency mining and artificial intelligence computing.