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

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

Renewable Energy World, have reported that Europe’s biggest utility company as per market capitalization, Enel is holding discussions with Envion AG, a Swiss-based cryptocurrency company concerning the sales of green energy such as  wind, solar and hydro power to the firm.
It’s no news that energy requirements for mining of bitcoin and altcoins are on the high side and it’s not very 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, bitcoin, surged to about 20.5 terawatt-hours per year in 2017 and Digiconomist Bitcoin Energy Consumption Index  also estimates that each bitcoin transaction consumes about 558.00 KWh and the value keeps increasing as more bitcoin is mined.
The massive appetite digital currency  mining has for electricity has inspired power generators around the world to work out  the possibility of virtual currency miners becoming big buyers of renewable and clean power supply 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.”
The world of cryptocurrency will benefit from cleaner energy sources as these kind of power sources are more cost effective and it will go a long way in contributing to a less polluted ecosystem.