Bitcoins carbon footprint becomes dirtier despite China ban

Bitcoin, mining, problems, crisis, cryptocurrency

Title: Bitcoin's carbon footprint becomes dirtier despite China ban

description: It turned out that China strongly restricts bitcoin mining operations.
Bitcoin takes a lot of energy to mine and put new coins into circulation. Miners are struggling to solve complex math puzzles using sophisticated as well as modern machines. According to Digiconomist estimates, Bitcoin could use enough energy annually to power the entire country. It is worth adding that by 2020 most of the energy came from coal and hydroelectric power plants.

We learned that miners used excess hydropower in Sichuan province during the rainy season every year, using profitable, carbon-free energy. Miners moved north of Xinjiang Province as areas of Sichuan Province dried up. 

Coal was the primary source of energy for mining in Xinjiang Province, which emits more CO2 compared to gas and oil. As both of these bitcoin mining sources have been nearly eliminated, it's unclear what this means for bitcoin's carbon footprint in the days to come. It is a matter of choosing cryptocurrency miners, will they find another source of clean energy, such as hydropower, whether they will use natural gas or use coal. 

Everything will turn out at a later time. When Bitcoin miners moved to the US, they took advantage of coal and natural gas. Mining operations also revived New York's natural gas power plant, which previously stopped producing power for society. Similarly, a Pennsylvania-based holding company called Stronghold Digital Mining purchased an entire Venango County coal-fired power plant to power approximately 1,800 mining machines. 

The power plant burns nearly 600,000 tons of coal annually, which is a worrying return to polluting energy and raises environmental concerns. Ecology is extremely important for a large group of people. Is there a permanent solution? Even if cryptocurrency mining operations move towards more renewables to comply with the rules set by climate-conscious governments, they will still see stiff competition from other sectors. Besides, hydropower is not unlimited, and recent droughts in China could reduce the supply of hydroelectric energy.



keywords: Bitcoin, mining, problems, crisis, cryptocurrency

Bitcoins carbon footprint becomes dirtier despite China ban on Who Called Me UK

Tags: Bitcoin mining problems crisis cryptocurrency

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