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

Enel SpA, Europe’s biggest utility by market capitalization, is negotiating with Envion AG to sell power from renewable energy plants. Envion AG is one of the most profitable cryptocurrency miners in the world that uses clean energy to power their farms. Enel is evaluating the possibility to sell electricity to cryptocurrency mining farms that consume important amounts of energy in order to confirm transactions in the network.

Enel Plans to Sell Electricity to Cryptocurrency Miners

The talks that are being conducted are private ant these two enterprises did not want to comment on the matter. The information was covered by Renewable Energy World. The electricity demand for bitcoin mining has been increasing in the last years. As the difficulty increases for miners, the power required to process the transactions is more and more.

That’s why several mining plants are starting to invest in renewable energies to power-up their operations. Besides that, mining farms are being settled in places where electricity is cheap or it comes from renewable sources, i.e. hydroelectric power plants, solar panel farms or windmills.

Enel is testing the market in order to sell clean electricity to bitcoin miners, commented a spokesperson that requested not to be identified. Enel may be searching new customers to sell excess capacity from the renewable energy plants.

Leonardo Zannella, head of the utility’s global front trading office explained:

“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.”

Envion is the top 6 Initial Coin Offering of all time after raising $100,000,000 dollars. The company explains that they have extremely mobile mining solutions that are able to connect to any energy source. In addition to it, the company is using a patented cooling system that allows it to achieve unprecedented power efficiency. The company says that its cooling system is 40 times more efficient than other traditional data centres.

The Bear Market Report
Our Bear Market guide not only helps you survive this crypto winter, but also guides you through the foundation you'll need to thrive in the next bull run.