Enel, one of the biggest electricity company in Europe, said it would not supply electricity to the energy-hungry industry of mining cryptocurrencies, adding it has “no interest whatsoever in selling power” for the purpose. The company said it had reached the decision after careful study and analysis.
This week the company was in talks to sell power from renewable energy plants to the Swiss cryptocurrency company Envion AG.
Enel has undertaken a clear path toward decarbonization 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, which owns a majority stake in Spanish utility Endesa, is one of Europe’s top renewable energy players and is focusing on green energy to help offset the crisis in traditional power generation.
We have recently reported that South Korean company Samsung Electronics started manufacturing ASIC hardware for cryptocurrency mining from January 2018.