Cheap Electricity Impetus To Japanese Bitcoin Movement

Looop, a renewable energy provider from Japan has recently made the announcement of coming forward with an electricity plan which will bring forward considerable savings of cryptocurrency miners. A flat monthly fee will be charged under the plan for usage of electric power up to a certain level in the service area of Tokyo Electric Power Company.

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Looop Co. Ltd is engaged in providing natural energy solutions along with retail electricity services. It was established with the main motive to “set up photovoltaic power in the affected area of the Great East Japan Earthquake,” according to its website.  2011 marked the beginning of its operations with the creation of “a photovoltaic power plant that can be installed by ourselves.” The company is also a pro at offering products which are created by harvesting solar, biomass, wind, geothermal and hydroelectric power systems.

The April 2016 liberalization of retail power market in Japan marked the entry of Looop into retail electricity sector. As per statistics published by IT Media, more than 55000 Japanese households are ardent users of Looop’s electricity services at present. The latest announcement by Looop officials of a ground-breaking electricity plan which has been tailor made to cater to cryptocurrency miners according to its “Mining Flat” rate plan did garner a lot of adulteration.

Customers can sign up to avail a 1kW equivalent contract (10A or 1kVA) allowing electricity usage up to 250kWh by paying  6,170 yen on a monthly basis. Customers can also avail multiple contracts like a 3kW contract which will aid them in availing electricity usage upto 750kWh. A charge of 22 yen per 1kWh is levied on overages. As per IT Media, the monthly electricity cost under this plan for 3kW electricity is 16.9% less than what would have been billed by TEPCO for providing similar service.

Also Read: Hackers Targeting Amazon’s Cloud Servers to Mine Bitcoin

The prospects of Bitcoin mining is on a rise in Japan. GMO Internet announced its plans of entering ASIC chip manufacturing and bitcoin mining last month. The company has made an investment of 10 billion yen for building its Scandinavian mining firm. DMM group has also made the announcement to operate a “mass-scale, made-in-Japan quality mining farm whose operating size will be unmatched by any of the domestic operators.” publishes latest news and updates about Bitcoin, Cryptocurrencies, Blockchain Technology and upcoming ICO’s. Subscribe to our newsletters to stay updated.

Suggested Read: Russia To Give An Electric Boost To Bitcoin Mining

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