Italian Enel will not Supply Power to Miners

This week Enel was in talks to sell power from renewable energy plants to the Swiss cryptocurrency company Envion AG
02 February 2018   552

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 statement

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.

Samsung Reports Q1 Profit Record due to Mining Chips

Samsung Electronics has reported 58% year-on-year growth in its operating profits for Q1 due to strong demand for chips used for cryptocurrency mining
26 April 2018   126

Samsung Electronics has reported 58% year-on-year growth in its operating profits for Q1 2018 - an increase driven in part by strong demand for cryptocurrency mining chips.

Robert M. Yi, executive vice president of investor relations of Samsung, said on Thursday that the profitability increase seen in the firm's semiconductor business played a significant role in setting a new quarterly operating profit record of 15.6 trillion Korean won ($14 billion).

In the semiconductor business, the earning increases significantly year over year thanks to favorable market conditions driven by strong demands in server and graphic card memories as well as earning improvement in both the System LSI and Foundry businesses led by an increasing demand of chips used in flagship smartphones and cryptocurrency mining.

 

Robert M. Yi

Executive vice president of investor relations, Samsung

Samsung confirmed at the beginning of the year it is producing 8nm and 11nm processors to meet growing market demand from the cryptocurrency mining industry.

The company forecast that the demand for mining processors will continue to expand in Q2, while the earnings of its LSI and Foundry businesses may decrease due to slowing demand for smartphone components.