Japanese Start Using the Renewable Energy to Mine Cryptocurrency
A Japan’s local power provider has announced that is getting involved in crypto mining activities by using the renewable energy.
The Kumamoto- Energy company based in Kumamoto City is going to use the solar panels to mine cryptocurrency. Thus, it will be the first company to demonstrate that virtual coins can be mined in a way that doesn’t harm the environment.
The Kumamoto-Energy’s partners
The announcement was made on 20th February 2018. The Kumamoto-Energy Co Ltd has disclosed that a new affiliate company was established by the end of 2017- “OZ Mining”. This one had the purpose of reusing the electrical power to mine digital assets.
The Japan’s solar power provider was also collaborating with TakeEnergyCorporation Co Ltd “to run the mega solar plants” in Kumamoto District.
The renewable energy may balance the crypto mining industry
“This is a time for improvisation, mining won’t go away for the next 100 years, efficient renewable sources of energy is the only way that cryptocurrency mining will be profitable in the future”, stated the Security Analyst at Kansai Electric Power– Saburo Takahashi.
The OZ Mining company was purchasing energy from Kumamoto Energy at an acceptable exchange rate, but everything was under the law, thus, these two companies had to respect the contracts in force. In the following period, Kumamoto Energy has managed to launch a crypto mining farm, calling it “a data center facilities and container-based mining rigs which is to be accommodated all throughout the power supply area”.
Analysts say that once the crypto mining industry will hit its maximum point, there will be an electricity shortage. But Kumamoto- Energy has made a research which shows that there are numerous alternatives to balance and create a green future in terms of cryptocurrency mining centers.
The solar panels are much more expensive than the traditional energy. These are less widespread at the local level, which gives a huge comparative advantage to the first company that will start using it. Kumamoto Energy assures that once users, investors and developers will start mining digital assets using the renewable energy, the crypto industry will not damage the environment.