news & articles

Your go to place to stay updated with the latest news and fun articles from the finance and crypto worlds.

ALERTS | ICOS | STOCKS | CRYPTOS | OPINIONS

© Copyright GGG Inc.

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.

European Utility Giant Says ‘No’ To Crypto Mining, Even With ‘Clean Energy’

Italy-based Enel, one of the largest power utility companies in Europe, has reported that it will not be selling renewable energy to off-grid mining company Envion, calling crypto mining an “unsustainable practice”

Enel, one of Europe’s largest power utility companies, announced today, Feb. 1, that they would not be selling renewable energy to crypto mining company Envion.

In a brief statement to Reuters, the Italy-based company said that they had “no interest whatsoever in selling power” to a mining company:

“Enel has undertaken a clear path toward decarbonisation and sustainable development and sees the intensive use of energy dedicated to cryptocurrency mining as an unsustainable practice that does not fit with the business model it is pursuing.”

Enel had reportedly been in talks for a deal with the Swiss-based Envion AG, an off-grid mining company that claims to use decentralized, clean energy to power its mobile mining units, prior to today’s decision not to sell. Each Envion unit is installed inside of a shipping container and can be powered by a solar or wind farm anywhere in the world, eliminating a reliance on any one country’s infrastructure.

Almost 70 percent of the world’s cryptocurrency mining takes place not in Europe, but in China, due to the cheap electrical costs there. However, as China has recently been tightening up regulations on crypto trading in the country, banning ICOs and exchanges, there is concern that miners could face power restrictions in China.

As CT reported in December 2017, standard Bitcoin mining globally uses more power than most African countries. With crypto mining in China based on either the use of coal or hydroelectric power, companies have tried innovative ways to use more renewable forms of energy, like a Netherlands-based company that tried to harness human body heat for mining purposes.

No Comments

Post A Comment