Europe’s Biggest Utility Enel, Ready to Start Selling Renewable Energy to Cryptocurrency Miners

Renewable Energy World, have reported that Enel, Europe’s biggest utility corporation as per market capitalization, is holding talks with Swiss-based cryptocurrency company, Envion AG about the sales of green energy such as solar, wind, and hydropower to the company.

It is not news that energy necessities for mining altcoins and bitcoin are on the greater side and it not much eco-friendly. Thus, Enel wants to have an aiding hand to the crypto ecosystem by providing huge amounts of green energy to reputable mining companies.

Power demand for mining the globe’s flagship digital currency, bitcoin, goes up to approximately 20.5 terawatt-hours every year in the year 2017 and Digiconomist Bitcoin Energy Consumption Index. Also, bitcoin transaction consumes roughly 558.00 kWh, and the amount keeps going up as more bitcoins are mined.

The large quantities of electricity needed by the digital currency mining have enthused power generators around the globe which has turned leading crypto miners into becoming the biggest purchasers of clean and renewable power supply from solar, wind and hydro systems.

Head of Enel’s Global front trading office, Leonardo Zanella said:

“Enel is mainly interested in comprehending how the energy business can reap benefits from the blockchain technology. Digital currency miners who can shift their facilities to locations where electricity is affordable might have advantages.”

Swiss-based Envion AG has contributed approximately $100 million via a public fundraising operation to establish a system of portable cryptocurrency mining rigs that use green energy from solar, hydro installations and wind farms.

Presently, Envion is seeking for the most suitable places for its business. It’s also in advanced consultation with power generators around the world. Mathias Woestmann, Chief Executive Officer of Envion, restated that: “Envion’s business is not merely attractive to our countless investors, but likewise to utilities around the globe.”

The world of cryptocurrency will reap benefits from cleaner energy sources since these types of power sources are more cost friendly and go a long way in ensuring there is a less polluted ecosystem.

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Enel, Europe’s Largest Utility is Ready to Sell Renewable Energy to Cryptocurrency Miners