Tokyo-based OZMining will purchase power from its parent company for as low as 10 yen ($0.09) per kilowatt-hour. Kumamoto Electric - also known as "Kumamoto Energy" in recent media reports - is part of TakeEnergy, which provides solar EPC services and develops and maintains its own photovoltaic plants. Cryptocurrencies such as Bitcoin are “mined” in an incredibly energy-intensive process that verifies and shares transactions on a blockchain, the underlying technology for all such currencies. Recent research from Bloomberg New Energy Finance (BNEF) shows that global electricity demand from cryptocurrency operations has roughly tripled over the past year to approximately 37 gigawatt hours per day. Kumamoto Electric sees its plan as a potential solution to curtailing photovoltaic power generation from Japan's grid, according to an online statement. Japan's Ministry of Economy, Trade and Industry (METI) is currently discussing new ways to address grid constraints as part of an effort to ensure transparency in the removal of solar and other renewable energy from regional power grids. Kumamoto Electric Power established OZMining in November. It aims to provide ideal conditions for cryptocurrency mining, in part by building containerized mining facilities where power can be set up anywhere nearby. It will also provide cloud-based mining services. Interest in using blockchain to fund renewable energy projects has increased significantly over the past year. Last month, Estonian energy provider WePower raised $40 million in an initial coin offering (ICO). The company aims to help solar and wind energy developers secure project funding by monetizing expected power output using cryptocurrencies. A consortium of energy companies including Shell, Statoil and BP recently unveiled plans to build a blockchain-based digital platform for the energy sector. The joint venture aims to start operating the new digital platform by the end of this year.

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