Vodafone, one of the world’s leading telecommunications companies, has announced a partnership with RWE, Germany’s largest power producer, to purchase renewable electricity from RWE’s offshore wind farms in the North Sea.
The deal, which was signed on February 15, 2024, will enable Vodafone to source 100% of its electricity needs in Germany from RWE’s offshore wind portfolio, which includes the Amrumbank West, Nordsee Ost and Triton Knoll projects. The agreement covers a period of 10 years and is expected to reduce Vodafone’s carbon emissions in Germany by more than 500,000 tonnes per year.
Vodafone’s CEO Nick Read said: “This is a landmark deal for Vodafone and RWE, as well as for the energy transition in Germany. We are proud to support RWE’s ambitious plans to expand its offshore wind capacity and to contribute to the decarbonization of the German economy. As a purpose-led company, we are committed to achieving net zero emissions across our entire operations and value chain by 2040.”
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RWE’s CEO Markus Krebber said: “We are delighted to partner with Vodafone, a global leader in digital innovation and sustainability. This deal demonstrates the attractiveness of our offshore wind assets and our ability to offer tailor-made solutions for our customers. We are looking forward to working with Vodafone to deliver clean, reliable and affordable electricity for their operations in Germany.”
The deal is part of Vodafone’s global strategy to switch to 100% renewable electricity by July 2021 and to become a net zero carbon company by 2040. Vodafone is also a founding member of the RE100 initiative, a global coalition of businesses committed to using 100% renewable electricity.
RWE is one of the world’s leading renewable energy companies, with a portfolio of more than 9 gigawatts of installed capacity and a pipeline of more than 18 gigawatts. RWE is also the second-largest operator of offshore wind farms in the world, with a total capacity of 2.5 gigawatts and another 1.4 gigawatts under construction.
Russia has become the world’s second-largest Bitcoin??? and cryptocurrency mining country.
Russia has become the world’s second-largest Bitcoin??? and cryptocurrency mining country, according to a new report by Cambridge University. The report, which tracks the global distribution of Bitcoin mining power, shows that Russia accounts for 20.5% of the total hash rate, behind China’s 65.1% and ahead of the US’s 7.2%.
Bitcoin mining is the process of validating transactions and creating new coins on the Bitcoin network. It requires specialized hardware and a lot of electricity. The hash rate is a measure of how much computing power is being used to mine Bitcoin at any given time. The higher the hash rate, the more secure and profitable the network is.
Russia’s rise in Bitcoin mining is driven by several factors, including its abundant and cheap energy resources, its favorable climate for cooling mining equipment, its supportive regulatory environment, and its growing demand for digital assets.
Russia has some of the lowest electricity prices in the world, averaging around $0.04 per kilowatt-hour (kWh), compared to $0.13 in China and $0.14 in the US. This gives Russian miners a significant cost advantage over their competitors. Moreover, Russia has a surplus of electricity generation capacity, especially in regions with hydroelectric and nuclear power plants, which can be used to power mining farms.
Russia also has a large territory with diverse climatic zones, ranging from the Arctic to the subtropical. This allows miners to choose locations that offer optimal temperatures for cooling their machines, reducing the need for additional cooling systems and saving on energy costs.
For instance, some miners have set up their operations in Siberia, where the average annual temperature is below zero degrees Celsius.
Another factor that contributes to Russia’s Bitcoin mining boom is its relatively friendly legal framework for cryptocurrencies. Unlike some countries that have banned or restricted crypto activities, Russia has adopted a more pragmatic approach, recognizing cryptocurrencies as property and allowing their use for payments and investments.
The Russian government has also expressed interest in developing its own digital currency, the digital ruble, which could coexist with other cryptocurrencies.
Finally, Russia has a growing appetite for digital assets, both among individuals and institutions. According to a recent survey by Finder.com, 9% of Russians own some form of cryptocurrency, compared to 6% in China and 4% in the US.
Moreover, some Russian companies have started to diversify their reserves with Bitcoin, following the example of MicroStrategy and Tesla. For instance, OOO Digital Assets, a subsidiary of Gazprombank Switzerland, announced in December 2020 that it had purchased $40 million worth of Bitcoin for its clients.
Russia has emerged as a major player in the global Bitcoin mining industry, thanks to its favorable conditions and growing demand for cryptocurrencies. As Bitcoin becomes more mainstream and valuable, Russia is likely to continue to increase its share of the mining market and challenge China’s dominance.