China will replace cryptocurrency miners with electric cars. She came up with an unexpected plan

China underwent a major transformation in terms of cryptocurrency mining in the first half of this year. While in the first months the country accounted for up to 65% of global bitcoin mining, this figure was significantly skewed by the harsh regulations of the local government, which literally criminalized the mining of cryptocurrencies in the country.

As a result of these measures, mining had to cease up to 90% of all miners in the country, which at the same time “left” behind a huge amount of now unused energy produced in the individual provinces of China.

Chinese miners will be replaced by charging stations

As he informed CoinTelegraph with reference to the report South China Morning Post, a mining ban will save more than 50 terawatt hours of electricity, which is enough capacity to power an industrial city with a million people for 33 years or to charge 10 million Tesla Model 3 electric cars a year.

The capacities of large hydropower plants have thus created an opportunity to accelerate the adoption of electric cars, which China is largely pushing for and to fulfill its “carbon” agenda, according to which it wants to be a carbon-neutral country by 2060.

Guizhou Province is now the first in China to announce an ambitious campaign to build up to 4,500 electric vehicle charging stations this year. The number of stations the province plans to build will increase to 5,000 in 2022 and 5,500 the following year. .

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By the way, Guizhou, which by the way has one of the lowest per capita income levels in the country, aims to have 38,000 electric car charging stations by 2023, of which at least one will be in each city and 20% of car parks in shopping malls will be reserved. for charging electric cars.

The government will direct the energy saved to electric cars

Similar plans, along with subsidies for electric cars, which other provinces are likely to await, could be a turning point for the popularization of electric cars in the world’s largest car market, where the Swiss bank forecasts UBS by 2030, three out of five vehicles will be powered by non-fossil fuels.

The initiative can also be used by Chinese rural areas, especially in Sichuan and Yunnan provinces, where there are a number of hydropower plants, to build a sufficient number of charging stations to reduce the concerns of low-speed electric car owners.

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Let us remember, however, that China is not the only Asian country that has shown a clear position on cryptocurrency mining this year due to its energy consumption.

At the end of April, for example, a former representative of the Kyrgyz government he claimedthat cryptocurrency mining has been a major driver of the country’s energy crisis, while in Iran, local licensed miners have ban on activity until September in an effort by the government to save energy during the summer.