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Enel Set To Begin Sales Of Green Energy To Cryptocurrency Miners

Enel Set to Begin Sales of Green Energy to Cryptocurrency Miners

Reading Time: 2 minutes by on February 7, 2018 Business, Commentary, Mining, News, Tech
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According to Renewable Energy World, Europe’s most prominent utility firm by market capitalization Enel is looking to strike a deal that will enable it to sell renewable energy like wind, solar and others to Envion AG, a Swiss-based cryptocurrency company.

Win-Win Partnership

Enel has always seen the European and Latin American markets as markets with the most potential and is now in discussions with Envion AG as part of a broader effort to evaluate the energy market for cryptocurrency mining operations.

It’s no news that energy requirements for mining bitcoin and altcoins are not exceptionally eco-friendly. Therefore, Enel wants to lend a helping hand to the crypto ecosystem by supplying large amounts of green energy to established bitcoin mining firms.

Power demand for mining the world’s flagship cryptocurrency surged to about 20.5 terawatt-hours per year in 2017 and the Digiconomist Bitcoin Energy Consumption Index estimates that each transaction consumes about 558.00 KWh and the value keeps increasing as more bitcoin is mined.

Crypto mining’s insatiable appetite for electricity has prompted power generators around the globe have reasoned that miners are also becoming critical buyers of renewable and green energy from wind, solar and hydro systems. Leonardo Zanella, head of Enel’s Global front trading office, said:

“Enel is particularly interested in understanding how the energy business can benefit from the blockchain technology. Cryptocurrency miners who can move their facilities to places where electricity is cheap might have advantages.”

Swiss-based Envion AG has raised roughly $100 million through a public fundraising campaign to build a network of portable digital currency mining rigs that utilize green energy from wind farms, solar and hydro installations.

At present, Envion is in search of the best locations suitable for its business and is in advanced talks with power generators around the globe.

Chief Executive Officer of Envion, Mathias Woestmann reiterated that “Envion’s business is not only attractive to our many investors, but also to utilities around the world.”

On February 4, 2018, Btcmanager reported on the Moonlite project which focuses on establishing a heavy-duty crypto mining rig in Iceland later in 2018. On top of that, Quebec is emerging as a popular mining destination due to its lively startup scene and relatively cold temperatures. The digital currency ecosystem needs all the help it can get from these innovators in the alternative power environment, to contribute to a cleaner, greener world.

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