Rising cases of illicit coal extraction played a part in the recent Bitcoin mining ban in China, a report on business outlet Bloomberg said today. An estimated 65% of the world’s Bitcoin mining took place in China as of April last year.
Climate warrior
Officials of the country said last week they would target and ‘ban’ miners after rising energy and climatic concerns amidst President Xi Jinping’s push to reduce China’s carbon footprint and go green. The comments caused a near 40% decline in the crypto markets shortly afterward.
Mining, for the uninitiated, uses up a massive computing system that solves millions of complex calculations each second to validate transactions on the Bitcoin network (a process known as ‘proof of work’).
This requires massive amounts of energy for the maintenance, cooling, running of the machines. But some say as the source of this is via coal and fossil fuel-powered energy producers, it leaves behind a big carbon footprint for seemingly little
Źródło: https://cryptoslate.com/illegal-coal-extraction-in-china-spurred-bitcoin-mining-ban/
