Asset manager VanEck announced on Friday that Japan has been added to the list of countries actively pursuing Bitcoin mining with government resources. This development follows a significant deal secured by Bitcoin miner maker Canaan with a major Japanese utility, aimed at utilizing Avalon rigs to stabilize the regional grid load.
Japan is currently experiencing a notable period of cryptocurrency adoption, influenced by the newly elected Prime Minister Sanae Takaichi. The Japanese financial regulator is actively seeking a major overhaul to facilitate the integration of cryptocurrency into traditional banking systems.
Japan Joins Government-Backed Bitcoin Mining List
Matthew Sigel, head of digital assets research at VanEck, confirmed the addition of Japan to the list of countries mining Bitcoin with government resources. This inclusion makes Japan the 11th country globally where Bitcoin mining is government-aligned. The United States is not currently on this list, although potential inclusion under US President Donald Trump has been suggested.
Sigel noted that rumors have circulated for years about Tokyo Electric Power Company (TEPCO) engaging in Bitcoin mining, though concrete confirmation had never emerged. The Japanese government holds partial ownership in all 10 regional utilities, meaning no utility operates as a fully private entity. This state-aligned ownership structure positions Japan as the 11th nation with government-backed mining operations.

Canaan’s Bitcoin Mining Deal with a Major Japanese Utility
Matthew Sigel also highlighted Bitcoin mining machine maker Canaan’s recent 4.5 MW order from a Japan-based utility. This deal is a key reason for VanEck’s decision to include Japan on its list of government-sponsored mining nations.
The agreement with the Japanese utility comes weeks after Canaan announced its largest-ever order and narrowly avoided delisting from Nasdaq. Under the terms of the deal, the Japanese utility will deploy Avalon mining rigs to help stabilize the regional grid load.
Utilizing Bitcoin miners as electric grid stabilizers is a strategy increasingly adopted by power utilities to reduce energy waste. These miners can activate during periods of excess electricity, effectively absorbing surplus power.
Canaan (CAN) stock experienced a significant surge, rising more than 14.50% on Friday to trade at $1.42 USD at the time of writing. The stock's 24-hour trading range was between $1.36 and $1.48. The trading volume for the day was 24 million, indicating a slight decrease in trader interest.
BTC Price Rebounds Amid Crypto Stocks Rebound
Bitcoin mining shares, including those from MARA Holdings (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK), opened higher on Friday. Core Scientific (CORZ) stock led the gains among these companies, trading 4.82% higher at $21.74 at the time of reporting.
This upward movement in crypto-related stocks coincides with a rebound in the Bitcoin price. Bitcoin’s value has recovered from approximately $106.5K to above $110K, driven by buy-the-dip sentiment and increased optimism among derivatives traders.
At the time of writing, BTC was trading at $109,985, marking a 1.70% increase. The intraday low was recorded at $106,376, and the high reached $110,599.

