Japan Just Made Bitcoin Mining Part of Its National Energy Strategy

Japan has begun mining Bitcoin through a project that connects its power grid to Canaan’s specialized mining machines. A major Japanese utility will use them to balance electricity demand by adjusting its activities to match the available renewable energy supply. 

Because the utility is partly government-owned, it is one of the few nations where the state participates in Bitcoin mining.

Bitcoin mining hardware maker Canaan will deploy a 4.5-megawatt project using its Avalon hydro-cooled machines to help a Japanese regional utility manage power-grid fluctuations.

The deal uses Avalon rigs to balance Japan’s power grid by shutting off during peak demand and restarting when excess renewable energy is available. This helps the utility manage fluctuations and use surplus green power more efficiently.

Canaan (NASDAQ: $CAN) secures a 4.5 MW contract in Japan