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Enel Contrives An Advantage To Cryptocurrency Miners

Feb 02, 2018 Posted /  40696 Views

Enel Contrives An Advantage To Cryptocurrency Miners

Enel SpA, Europe’s renowned power company is planning to supply energy generated from conventional and renewable resources to a Switzerland based Cryptocurrency company Envion AG, as per the sources.

As energy requirement for Bitcoin mining is quite large, and by the end of 2017 it increased to approx 20.5 terawatt-hour. Thus, a direct relationship can be established between the increase in demand of cryptocurrency and need for electricity. This relationship incited various power generators globally to get Digital currency miners as one of their key customers and Elen SpA is one of them.

Enel SpA is in the news to sell electricity to miners of digital currency, as huge amount of energy is used in mining process which involves various calculations for transaction purpose, said by closely related people who asked for their identity to be hidden. Although no confirmation has been received from Enel and Envion AG.

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In an interview with Bloomberg, the head of the utility’s global front trading office, Leonardo Zannella commented “Enel is particularly interested in understanding how the energy business can benefit from the blockchain technology”. She further added “Cryptocurrency miners who can move their facilities to places where electricity is cheap might have advantages."

In an interview, Envion’s director of Investor Relations commented that the company is looking forward to install its systems and is in talks with various power generating companies. As per the reports, Envion is planning to build a network with the purpose of mining cryptocurrency and portable in nature so that the system could be set-up directly into energy generation farms. By doing this advantages of cheap electricity could be enjoyed.

Envion Chief Executive Officer,  Matthias Woestmann  said in an interview to the media that Envion’s business is not only attracting to its buyers rather to Power generating companies around the world as well.

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Tags: Bitcoin Mining

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