Enel, one of Europe’s largest electricity utility companies, announced today, February 1, that it will not sell renewable energy to the crypto company Envion.
In a brief statement to Reuters, the Italian-based company said they had “no interest in selling electricity” to a mining company:
“Enel has embarked on a clear path towards decarbonisation and sustainable development and sees the intensive use of energy dedicated to cryptocurrency extraction as an unsustainable practice that does not fit the business model that she continues.
Enel is reported to have negotiated an agreement with the Swiss company Envion AG, an off-grid mining company that claims to use decentralized clean energy to power its mobile mining units, before today’s decision not to sell. Each Envion unit is installed inside a shipping container and can be powered by a solar or wind farm anywhere in the world, eliminating the need for infrastructure of any country.
Nearly 70% of the cryptocurrency extraction in the world takes place not in Europe, but in China, because of the cheap electricity costs there. However, as China has recently tightened the cryptography trade regulations in the country, banning ITOs and trade, there is concern that miners may face power restrictions in China.
As TC reported in December 2017, standard Bitcoin mining generally uses more power than most African countries. With crypto mining in China based on the use of coal or hydropower, companies have tried innovative ways to use more renewable forms of energy, such as a Dutch-based company that was trying to exploit human heat for mining purposes.