VanEck has confirmed that Japan is now the eleventh nation to implement government support for Bitcoin mining operations. This follows a deal between Canaan, a leading Bitcoin mining machine manufacturer, and a major Japanese utility to utilize Avalon rigs for grid stabilization purposes. 🇯🇵
The move aligns with Japan’s growing crypto adoption under Prime Minister Sanae Takaichi. The country’s financial regulator is also aiming for a comprehensive integration of cryptocurrency into traditional banking systems. 🏛️
This development adds to the list of governments globally using resources for Bitcoin mining: 11 countries in total, excluding the US. The deal, confirmed by Matthew Sigel, head of digital assets research at VanEck, provides a glimpse into Tokyo Electric Power Company’s (TEPCO) potential involvement in Bitcoin mining activities. ⚡️
Notably, Japan’s government holds partial ownership in all ten regional utilities, effectively making it the eleventh country to utilize state-aligned resources for Bitcoin mining.
Canaan secured a large 4.5 MW order from a Japanese utility, further pushing VanEck towards including Japan on their list of government-backed Bitcoin mining initiatives.
The company has been experiencing significant gains thanks to this deal, with its stock price soaring over 14.50%.
This surge comes amid positive trends in the crypto market as Bitcoin prices rebounded following recent declines. 📈