Apr 16, · As Michael Zhong, an analyst at TokenInsight from Beijing, told South China Morning Post: Bitcoin mining will no longer be dominated by China but become more decentralised. Also, there are precedents that make the NDRC threat to mining farms quite real. In September , China outlawed cryptocurrency exchanges that served local natur-holzbausteine.deg: youtube. Bitcoin mining mega farm burns down in China, destroying $10m of cryptocurrency machines. Video appears to show fire ravaging Innosilicon's giant data centre in China. Aug 18, · One of the world’s largest bitcoin mines is located in the SanShangLiang industrial park on the outskirts of the city of Ordos, in Inner Mongolia, an autonomous region that’s part of China.
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It requires vast amounts of computer processing power and is therefore extremely energy intensive. Recent estimates suggest that the mining network that supports bitcoin uses as much energy as the entire nation of Ireland and some scientists claim it has put the world on the brink of an environmental disaster.
A study published in Nature Climate Change found that the carbon emissions produced by the vast energy demands of bitcoin could push global warming above 2C in just two decades. While clean energy mining solutions do exist, such as in Iceland and Norway, the majority of operations are based in China, where coal-generated electricity is cheap.
China claims to be cracking down on unlicensed cryptocurrency mining operations, however it is not clear what measures are being taken. In August, another significant mining operation in the country suffered a catastrophe when the Poolin mining farm was destroyed by floods in the Sichuan province. Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more.
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From our Obsession. New technology is upending everything in finance, from saving to trading to making payments. August 18, This article is more than 2 years old.