A Japanese city will use renewable energy to mine virtual currencies

Miner Garage Co Ltd, based in Tokyo, which runs a business of mining virtual currencies such as bitcoin, has been certified as a company invited to Kazuno City, Akita Prefecture.

The government of Kazuno City has been inviting companies that run businesses by using renewable energy-derived clean electricity. The city has an abundance of renewable energy including geothermal, hydroelectric and wind powers, and its self-sufficiency rate of electricity exceeds 300%.

Miner Garage will start operation of a “Mining Center (virtual currency processing facility)” in mid-December by using clean electricity infrastructures in the city.

When the word “mining” is used in the context of virtual currency, it means the provision of computing power for block chain processing (decentralized account book technology), which is a base technology. The block chain is maintained by a decentralized network consisting of many nodes that carry out mining. The Mining Center is used for such an information processing.

For a mining business, it is important to secure a low-cost, stable electricity infrastructure as well as heat exhausting/cooling measures because a large amount of data is processed. In addition to the abundance of renewable energy including geothermal, hydroelectric and wind powers, the average yearly temperature of Kazuno City is low, probably contributing to improving the heat exhausting/cooling effects to deal with heat generated by computers for mining.

At the Mining Center, 600 computers will be installed at first, and they are expected to realize a mining business worth about 300 million yen per year by dealing with about 10 kinds of virtual currencies such as bitcoin. Moreover, Miner Garage expects to promote local employment and train block chain engineers. The company is currently negotiating with Tohoku Electric Power Co Inc about specific methods to procure renewable energy.

Enjoy our free content ?
Try our Legend services.

  • Star Level
  • Access to Grendz and the right to READ and SHARE our science techie green pins
  • The right to WRITE and SHARE your OWN science techie green pins
  • WEEKLY mind-blowing e-report with trends and news
  • First to know about new trends and news
  • No ads and no sales pitch
  • A special pin a month, posted by us, highlighting your own business
  • Our iOS app for free
  • Weekly social media promotions of your own pins
  • Customization on which trends categories you want us to follow closer.
  • 24h Support (via e-mail)
  • Cancel anytime your renewal
FREE
The Plain Vanilla Level
$0
LEGEND
A Lot To Gain And Nothing To Lose
$21/mo
Share on Pinterest
More share buttons
Share with your friends










Submit