Japan’s major utility provider partners with local mining rig maker

Japan’s major utility provider partners with local mining rig maker

TEPCO, a Japanese utility company behind the Fukushima nuclear reactor, partnered with local mining rig developer Triple-1 to offer its extra energy for mining. 

In a recent announcement, TEPCO confirmed a partnership with Triple-1. This Japanese-based company produces hardware, including semiconductors and mining rigs. Both firms seek to take advantage of crypto mining.

Triple-1 will build distributed data centers across Japan that will stake on recyclable energy using its semiconductors. A demo project with 1,300 computers will be launched in Tokyo. It will be using the “surplus power” from TEPCO’s activity.

TEPCO is the leading Japanese utility company with a market cap of around $6 billion. However, this amount halved following the Fukushima tragedy.

In 2011, TEPCO’s nuclear reactors in Fukushima were hit by an earthquake and the following tsunami, which led to the worst nuclear catastrophe since Chernobyl disaster. Following the setback, TEPCO fought to get back on its feet, with the government acquiring 50.1% of its stake in 2012. 

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.