Enel, one of the largest power companies in Europe has just announced that they have zero interest in selling electricity to cryptocurrency miners. The Rome, Italy-based electric company said that it would not sell electricity to any companies that planned on mining virtual currency.
According to Bloomberg, the company wasn’t always so against cryptocurrency. In fact, they were in the middle of striking a deal with Envision AG, a cryptocurrency business based in Switzerland. Enel was apparently checking out the virtual currency market with the hopes of selling to Bitcoin and other miners.
Leonardo Zannella, the heard of Envision AG’s trading office even went as far as to say, “Enel is particularly interested in understanding how the energy business can benefit from the blockchain technology,”
Seems that Enel has changed its mind about the deal in favor of nature. According to them, Cryptocurrency cannot be maintained in an environmentally friendly way. A big source of Enel’s pride has always been giving the masses green power which came from biomass, solar power, wind, incineration practices, hydroelectricity and geothermal resources. A spokesperson from Enel went on to say, “Enel has undertaken a clear path toward decarbonization and sustainable development,”
On paper, the refusal may not seem so bad. Cryptocurrency miners can always find a different electric company to supply them with power. For some, it may be easier said than done. Enel has major operations scattered across Europe, North America and South America.
To complicate things even further, this has all taken place amidst miners fleeing China with the hopes of mining in other locations in the world. South Korea has just threatened to shut down all of their exchanges. This couldn’t possibly be happening at a worse time for people who want to change their location.