By Asha Barbaschow
April 7, 2021
A group of researchers have warned China that without 6 stringent regulations and policy changes, the amount of bitcoin mining performed in the country could undermine global sustainability efforts.
The researchers said the majority of the mining process has been conducted in China -- with miners in the country accounting for more than 75% of the bitcoin network's hashing power. They said it can be pinned on the proximity to manufacturers of specialised hardware and access to cheap electricity.
They predict the annual energy consumption from bitcoin alone will generate 130.5 million metric tons of carbon emissions within the next three years in China alone.
Researchers warn China that its bitcoin mining could undermine global sustainability efforts