Enel Won't Sell Power for Cryptocurrency Mining

02/01/18 07:01 AM EST

By Alberto Delclaux

 

Enel SpA (ENEL.MI) said Thursday that it doesn't plan to sell power from its renewable energy plants to Swiss cryptocurrency company Envion AG, in response to a press report.

"After a period of careful study and analysis Enel has come to the conclusion that it has no interest whatsoever in selling power for the purpose of mining cryptocurrencies," Enel said. The company said that the intensive use of energy dedicated to cryptocurrency mining is an "unsustainable practice" that doesn't fit with its business model.

Bloomberg had reported earlier this week that Enel was in talks with Envion to sell it power, citing unnamed sources.

 

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

 

(END) Dow Jones Newswires

February 01, 2018 07:01 ET (12:01 GMT)

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