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19 April 2021

China’s vast bitcoin mining empire risks derailing its climate targets, says study

China’s vast bitcoin mining empire risks derailing its climate targets, says study


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China’s electricity-hungry bitcoin mines that power nearly 80% of the global trade in cryptocurrencies risk undercutting the country’s climate goals, a study in the journal Nature has said.

Bitcoin and other cryptocurrencies rely on “blockchain” technology, which is a shared database of transactions, with entries that must be confirmed and encrypted.

About 40% of China’s bitcoin mines are powered with coal, while the rest use renewables, the study said.

The region accounted for 8% of the computing power needed to run the global blockchain – the set of online ledgers that record bitcoin transactions

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theguardian.com
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