Japanese renewable energy provider, Looop, has announced plans to reduce electricity costs for Bitcoin (Bitcoin) and other cryptocurrency miners in the Tokyo Electric Power Company (TEPCO) service area, Bitcoin.com reports.
Looop calls it the “Mining Flat” rate plan. Customers can start applying for this new service this month.
“The high cost of electricity is a bottleneck in Japan, which makes it difficult for mining to penetrate [the market]…I would like to support domestic mining companies by offering this pricing plan,” Looop Director and President Shoichiro Nakamura explained.
Looop said that customers can sign up for a “1kW equivalent contract (10A or 1kVA)” which allows usage of up to 250kWh for a fixed monthly price of 6,170 yen.
They can also sign up for multiple contracts. For example, a 3kW contract will allow them to use up to 750kWh. Overages are charged at the rate of 22 yen per 1kWh.
Looop Co. Ltd is a Tokyo-based renewable energy provider that offers natural energy products and services as well as retail electricity services.
Other products offered include solar, wind, biomass, hydroelectric, and geothermal power systems.
Over 55,000 Japanese households now use Looop’s electricity services.