The Japanese Government is known to be a proactive Government in terms of addressing their carbon footprint and reducing their impact on the environment. With them being one of the first Asian countries to introduce and establish an Environmental protection agency in 1971, they have made significant progress since then. With each Japanese citizen producing 5.02 GHA per person compared to USA’s 8.22, Canada’s 8.17 and the UK’s 7.93. The Japanese authorities have used this to their advantage as countries compete with other Nations for China’s slice of the market. With one of the ways the Japanese authorities are competing is by offering an abundance of renewable energy for cryptocurrency miners.
The Japanese city of Kazuno offers just that, an abundance of renewable and clean energy to miners. In addition to this, Kazuno is also prone to cold temperatures during winter time with heavy snowfall and lower temperatures than other Nations, this in turn will help to reduce electricity costs associated with mining and cooling miners. The abundance of energy Kazuno can provide to new businesses is due to its extremely small population of just approximately 32,000 citizens, whilst also having significant infrastructure in place to produce clean and renewable energy to meet Japan’s global climate goals with its self-sufficiency rate of electricity exceeding more than 300%.
Kazuno targets miners
This sounds like any cryptocurrency mining companies dream and thus the Tokyo-based Miner Garage Co. Ltd has decided to capitalize on this opportunity by getting themselves certified to operate in Kazuno City. With plans to open their first mining center in December. Not only will this be a profitable move by the company, it will also provide jobs and opportunities for locals. From requiring technicians around the clock to monitor the miners to also potentially creating a mining hub and industry in Japan. This is exactly what Miner Garage Co. aims for by planning on installing 600 computers at first which will produce enough hash power to produce 10 different types of cryptocurrencies to enable the company to have an annual turnover of 300 million yen in just the first year.
In conclusion as other Nations regulate the use of Bitcoins, competing Nations are stepping in to fill the market void. It is not only Kazuno in Japan that offer cheap energy solutions, but also energy providers such as Loop have also announced their plans to offer cheap energy which mining firms can capitalize on. Thus begging the question once again, are regulations really effective?