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Italian Power Company Enel Has “No Interest Whatsoever” In Supplying Energy For Cryptocurrency Mining



De Silva

On Thursday, Enel strongly countered rumors that it would seek to provide its services to cryptocurrency miners.

Following reports that Italian power company Enel SpA was engaged in talks to provide electricity to a cryptocurrency mining outfit, the company expressed that it "has no interest whatsoever" in doing so.

On February 1, 2018, the company explained, "Enel has undertaken a clear path toward decarbonisation 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 is Europe's largest utility company by market cap (51.5 billion euros). Its largest shareholder is the Italian Ministry of Economy and Finance.

Notwithstanding its reservations about cryptocurrency mining, Enel seems to be exploring blockchain, the distributed ledger system that underlies bitcoin. Today, at the Palacio de La Moneda Cultural Centre in Santiago, Chile, the company hosted Joel Comm – an internet marketer and self-described "cryptocurrency evangelist" – as part of its #EnelFocusOn series. The theme of today's program was blockchain technology for the energy industry.

Matthew De Silva

Matthew has a passion for law and technology. He graduated from Georgetown University, where he studied international economics and music. Matthew enjoys biking and listening to tech podcasts. He lives in Los Angeles.

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