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Chinese coin miners flock to new cryptocurrency Chia resulting in hard drive shortages and price surges
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Venmo, PayPal, And 19 Other Online Payment Apps For Buying And Selling Cryptocurrency
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Bitcoin mining in China will exceed energy consumption of 181 countries by 2024, study warns Anthony Cuthbertson © Provided by The Independent
Carbon emissions from Chinese bitcoin mines are accelerating rapidly and will soon exceed energy consumption levels of Italy and Saudi Arabia if urgent action is not taken, a new study has warned
Bitcoin mining involves solving complex puzzles that require vast computing power, meaning operations are generally located in areas where electricity is cheap.
Coal-heavy regions of China have therefore attracted bitcoin miners in recent years, with the study estimating that more than 75 per cent of global bitcoin operations took place there as of April 2020.