Bitcoin has started to harm the environment more by China. How did the blockage lead to this?

Kolejny potencjalny cios w Bitcoina i nie tylko. Rosja chce zablokować kryptowaluty

A new study answered the question of how Bitcoin began to harm the environment more by China, which legally banned virtual money mining in August 2021. It turned out that this blockade was precisely related to this decision.

From September 2021, mining and trading of cryptocurrencies is punishable in China. Unexpectedly, Bitcoin began to harm the environment more

Going into the details and importance of the problem, in the summer of 2021, 42% of the computers that make up the entire Bitcoin network were based on electricity from renewable sources (hydro, solar and wind power plants). However, it dropped to 25% already in the fall, which clearly contradicts initial reports that the ban in China was in fact supposed to lead to a decline in the environmental impact of cryptocurrencies.

This is hardly surprising, because in September 2019 only China maintained about 75% of the Bitcoin network in terms of energy consumed, using relatively cheap energy produced precisely from hydroelectric power plants. In 2020, at its peak, only China accounted for 65% of Bitcoin’s total mining capacity, and when all this was banned, most miners moved their equipment to other countries, where more energy is produced from coal or gas plants.

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This is what made the Bitcoin network divert from “clean” energy to “dirty” energy, further polluting the environment and making it clear that the world needs to focus on cryptocurrencies and solve related problems. Especially since, according to the calculations, miners mining cryptocurrencies are responsible for generating an additional 65 megatons of carbon dioxide per year.

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