Although the UK’s bitcoin mining profits are soaring, China still monopolizes 75% of the production of’Blood Coins’.
On the 7th (local time), the UK-based Argo blockchain recently made record profits, but according to a new report, 75% of Bitcoin mining still comes from China, where’Blood Coins’ are created.
On the 7th, Cointelegraph, a cryptocurrency media outlet, reported that Argo Blockchain, a bitcoin (BTC) mining company based in the UK, recorded the highest quarterly performance ever for three consecutive months. However, despite this track record, the majority of bitcoin production is still in China, which is inexpensive and uses a huge number of mining equipment using electricity powered by coal.
[Nature .com]’S recent report revealed that 75% of bitcoin mining takes place in China. This is annoying news for Kevin O’Leary, a Den investor in Shark Tank and Dragon, who recently classified all bitcoins mined from the use of fossil fuels as “Blood Coins”.
They even said that the only bitcoin he will buy and trade in the future will be “clean coins,” that is, bitcoins procured from miners using green or renewable energy.
O’Leary also argued that institutional investors will soon begin to notice the environmental concerns that accompany their use of bitcoin, and will soon begin to look for “virgin coins,” i.e. coins with known and pre-agreed sources of production.
According to Nature researchers, China’s greenhouse gas emissions from bitcoin mining exceed the total amount of greenhouse gas emissions from the Czech Republic and Qatar combined by 2024. “Without any policy intervention, the annual energy consumption of the Chinese Bitcoin blockchain is expected to peak at 296.59twh, the highest in 2024, and the corresponding carbon emission amount of 130.05 million tons. Internationally, this emission is expected to be in the Czech Republic and Qatar. Will exceed our total annual greenhouse gas emissions.
Close to the epicenter of producing cheap fossil fuel energy and mining hardware in Southeast Asia, Chinese bitcoin miners dominate the world in terms of producing BTC.
The report said, “Because they are close to specialized hardware manufacturers and can use cheap electricity, mining companies in China account for more than 75% of the hashing power of the Bitcoin network, and most of the mining process is carried out in China.”
Meanwhile, China’s “Blood Coin” is being hotly debated by the cryptocurrency space and many others, not to mention the range of production. Recently, Miami Mayor Frances Suarez claimed that 90% of Bitcoin was sourced from “dirty” energy sources.