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Cryptocurrency Miners could have their Place in Japan

Ali Raza

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Cryptocurrency Miners could have their Place in Japan

Cryptocurrency miners including those who mine Bitcoin are being invited to a Japanese city to use its clean, renewable electricity.

The Japanese city of Kazuno which is known for its renewable energy may also be the perfect home for cryptocurrency mining. Kazuno is also known for its low temperature in the wintertime. For one company the natural features of the land was the reason behind its announcement to open the first clean energy-based Japanese mining center.

The company hopes to attract miners of 10 cryptocurrencies including Bitcoin to its base in Kazuno. Kazuno is located in Akita Prefecture, a mountainous area on Japan’s main island. The city boasts a population of approximately 32 000. The city is known for its humid continental climate and heavy snowfall in winter months.

The mining center aims to install 600 computers to start its mining operations. The low average yearly temperature of Kazuno City will be perfectly suited for the heat generated by the computers during the mining process. Therefore providing optimal conditions for online mining prospectors. At the mining center, the 600 computers installed are expected to yield a mining business worth approximately 300 million yen per year. These number is expected to grow exponentially as the business grows.

Miners hope to achieve this by dealing in and mining approximately 10 virtual currencies such as Bitcoin. During the process, Miner Garage will create jobs locally. The group will also train blockchain engineers in the process. Negotiations are also underway with top officials from Tohoku Electric Power Co Inc to supply renewable for the mining process. This endeavor will certainly change the mining landscape in Japan and possibly the world for future generations. Energy costs in Japan remain a concern for miners and mining-related businesses.

The cost of electricity in Japan has been a major hindrance for cryptocurrency miners and mining operations. Two different energy providers in Japan have already undertaken to offer low-cost electricity. This will reduce the costs of mining in an attempt to combat the problem. Renewable energy provider Looop recently launched its own low-cost energy package, aimed at specifical miners.

Looop’s director for operations, Shoichiro Nakamura, told local media at the time that the high cost of electricity is a bottleneck in Japan. This makes it difficult for mining to make a meaningful impact on the local markets. Other companies including Japanese energy provider Remixpoint is also offering discounted electricity for miners. Remixpoint is a parent company of bitcoin exchange Bitpoint.

In addition to the sudden growth in a mining operation in Japan, three large Japanese conglomerates recently announced their plans to start mining. These companies are GMO, DMM and SBI Group.

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