Cryptocurrency investment products and research firm CoinShares estimates that 74.1% of bitcoin (BTC) mining is powered by renewable energy in its bi-annual mining report published on June 5. The report also claims that “at current prices, the average miner is highly profitable, with even older gear and high-cost producers currently able to make positive ROI.” The paper also notes that bitcoin mining operations are concentrated where there is ample renewable energy supply. Still, the report also notes: “The renewables estimate is down from 77.8% in our November 2018 report and reflects increased visibility of the industry on our part as …

The head of Russian oil company Rosneft has not ruled out the possibility of paying for oil using cryptocurrencies in the future, according to a report by Snob.ru on June 6. Igor Sechin said the industry’s acceptance and awareness of digital assets is beginning to rise as Silicon Valley tech giants including Google, Amazon and Apple begin to explore the oil and gas sector. While he suggested that the stablecoin Facebook is currently developing could one day be used to purchase oil by the barrel, Sechin warned there are some hurdles that cryptocurrencies need to overcome if they are to …

South Korea’s largest power provider has signed a contract with two domestic power suppliers to establish a blockchain-powered system for transacting Renewable Energy Certificates (RECs). The news was reported by local energy news site Energy Daily on June 4. KEPCO — an acronym for the Korea Electric Power Corporation — is a $15.9 billion market cap corporation in which the South Korean government and state-controlled bank hold a majority stake; it has a “virtual monopoly” over power generation and distribution in the country, according to Asia-focused publication Nikkei. A business agreement has been signed between KEPCO and Nambu Electric Power, …

Major automobile manufacturers Honda and General Motors (GM) are jointly conducting research on electric vehicle and smart grid interoperability using blockchain tech, Japanese news outlet Nikkei reported on May 20. As part of the project, Honda and GM will investigate whether electric vehicles can be used to stabilize the supply of energy in smart grids. Specifically, the companies intend to develop data retrieval methods between electric vehicles and smart grids, which will purportedly enable electric vehicles owners to earn fees from storing power in car batteries and exchanging it with the grid. The parties will work within the international technology …

International electrical engineering company ABB has rolled out a blockchain pilot to explore how the technology could promote the role of solar energy in peer-to-peer (p2p) energy trading, technology-focused media outlet PV Tech reported on May 16. To implement the project, ABB collaborated with Italian energy aggregator Evolvere to deploy a blockchain it jointly developed with blockchain-based platform Prosume. The pilot will purportedly enable transparent and secure p2p energy transactions, as well research blockchain’s role in the smart grids market. ABB told PV Tech that the project’s objective is to make blockchain-ready inverters so energy market participants can reduce both …

American blockchain startup Data Gumbo Corp. has raised $6 million from major energy companies, including the venture wing of Saudi Arabian national petroleum and natural gas company Saudi Aramco. The news was published by energy-focused news outlet Worldoil on May 8. In a Series A equity funding round, Data Gumbo ostensibly raised $6 million from companies such as Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, a Norwegian multinational energy operator. The new investment purportedly brings Data Gumbo’s total funding up to $9.3 million. The funds will be used …

The Winklevoss twins’ family office, Winklevoss Capital, has participated in a $4.5 million seed financing round for flare mitigation provider Crusoe Energy Systems Inc. to advance its construction of data centers that can mine cryptocurrencies. The news was reported by Bloomberg on May 3. Flare mitigation — as a Crusoe press release accompanying the seed financing round outlines — aims to reduce the environmentally noxious impact of flaring (burning off) surplus natural gas, which is in some cases used to tackle the difficulties of transporting excess gas supplies. While flaring is restricted by regulatory restrictions and lobbying from environmentalist groups, …

Régie de l’énergie, the energy regulator of the Canadian province of Quebec, has released new rules for cryptocurrency miners. The development was announced by major Canadian electricity provider Hydro-Quebec on April 29. Under the new regulations, the Régie de l’énergie has ordered power producer Hydro-Quebec to allocate 300 megawatts (MW) to the blockchain industry. “This 300 MW will be in addition to the 158 MW already granted to existing customers approved by Hydro-Quebec, and to the 210 MW granted to existing customers approved by municipal distributors,” the announcement further explains. In order to receive some of the specially allocated power, …

A blockchain project sponsored by the United States government aiming to bolster power plant security has entered its second phase, participants confirmed in a press release on April 10. The project, principally a partnership between the U.S. Department of Energy’s (DOE) National Energy Technology Laboratory (NETL) and Colorado-based security firm Taekion, aims to reduce the ability of cybercriminals to compromise aspects of the energy supply chain. The effort, which is worth $1 million, utilizes blockchain to shore up security and prevent remote attacks such as those which afflicted Ukraine’s grid in 2016. Taekion is currently researching how the technology could …

The United States county of Missoula, in the state of Montana, has adopted regulation for cryptocurrency mining, local media outlet the Missoulian reports on April 5. Per the report, the Missoula County Board of Commissioners voted unanimously to impose new rules for local cryptocurrency mining operations. As Cointelegraph reported last month, when the regulation was first proposed, the draft of the rules stated that they aim “to protect the public health, safety, morals, and general welfare of county residents.” The focus of the new law is seemingly on the possible effects of cryptocurrency mining on global warming and electronic waste. …

Canadian Bitcoin (BTC) mining firm Hut 8 has reportedly laid off employees at its facilities in the province of Alberta, the Canadian Broadcasting Corporation (CBC) reports April 4. Hut 8’s crypto mining facilities in Drumheller and Medicine Hat are part of a joint venture with European crypto mining hardware firm Bitfury. A former employee at the Drumheller facility told the CBC that he was laid off along with two dozen colleagues in January. He reportedly stated that the company reduced its staff by around 25% globally at the time, while teams in Alberta have faced even bigger layoffs. The cuts …

Austria’s largest energy provider, Wien Energie, has developed a blockchain-driven fridge in partnership with tech giant Bosch, Cointelegraph’s correspondent reported from the ANON Blockchain Summit Austria. Wien Energie presented the new model during the crypto conference in Vienna on April 3. The official release claims that the decentralized technology is used in the construction of a refrigerator for the first time. The main goal behind the project is to increase consumer interest in the sustainable consumption of energy. A blockchain solution in this case allows one to choose the source of the energy, be that a solar panel or a …