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The world’s most valuable cryptocurrency is breaking records, but mining Bitcoin consumes another important resource – the environment. Source: AFP
The environmental cost of mining Bitcoin in SEA
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The world’s most valuable cryptocurrency is breaking records, but mining Bitcoin consumes another important resource – the environment
Bitcoin has soared to new, previously unimaginable highs in the last year or two, driving market sentiment to once again be looking at the world’s most valuable cryptocurrency. With the value touching an eye-watering US$40,000 this week for a single Bitcoin, the Bitcoin mining industry is set to kick into high gear again.
Chinese Miners Migrate to Nordic Regions, Mining Exec Says Hashrate Migration One of the âBiggest Developmentsâ
China has the largest concentration of bitcoin miners worldwide with estimates noting the country captures anywhere between 50-65% of the global hashrate. Xinjiang, the autonomous region of the People’s Republic of China, ostensibly accommodates 35% of the hashrate. This week a regional report from China and statements from the head of operations at Genesis Mining, indicate that Chinese miners are migrating from the area to Nordic countries like Sweden and Norway.
Just recently, news.Bitcoin.com, reported on the electrical issues in China that bitcoin miners in the country are currently dealing with due to the shortage of coal. In the report, it noted that the Cambridge Bitcoin Electricity Consumption Index (CBECI) map shows China still commands 65% of the hashrate today. However, a team member from the Cambridge Centre for Alternative Fina
China s Coal Standoff Causes Power Shortages, Chinese Bitcoin Miners Heavily Affected
Regional reports from China detail that bitcoin miners located in certain areas in South China are running short on electricity. The country has been having massive issues with coal prices soaring across the mainland, as the Chinese government hasn’t been allowing coal carriers into ports. Because of the sweeping electrical shortages, mining activities have been threatened by emergency power rationing measures. A team member from the Cambridge Centre for Alternative Finance (CCAF) explained to news.Bitcoin.com that the CBECI map is not up-to-date and will be updated in 2021. Estimates from Bitooda show the concentration of hashrate in China maybe 50% or less.
Genesis Mining Is Converting Excess Bitcoin Datacenter Heat Into Greenhouse Power in Sweden
One of the largest bitcoin mining operations in the world, Genesis Mining, has been working on an experiment with Systemair, Lulea Technical University, Research Institute of Sweden, and the local Boden municipality. The teams in Sweden are developing a system that converts excess heat from Genesis’s bitcoin mining to power greenhouse operations.
Bitcoin mining is extremely competitive and the network consumes a lot of electricity to secure transactions and mint new coins. For instance, the Cambridge Bitcoin Electricity Consumption Index (CBECI) shows that the Bitcoin (BTC) hashrate consumes an estimated 12.54GW and an annualized consumption level of around 88.14TWh. Out of 20 mining pools, there’s a whopping 150 exahash per second (EH/s) pointed at the BTC chain.