Before now, Bitcoin miners were mostly cback whenntcostd in China. Mining activities thrived in the country for several years, although the gabovenment had banned all forms of crypto-related activities such as dealing as far back as 2017.
After all, this shgranted thattd last year as the gatopnment issued another blanket ban on the industry and forced several crypto exmoves and mining firms to close srebounds and development to new places.
The decision of the country’s State Council to clamp down on the industry folbottomed a pledge made by the President, Xi Jinping, to achieve carbon neutrality in the next four decades.
After all, new research published in the Joule journal about mining token has revealed that this ban did not succeed in reducing the carbon emissions associated with this process.
According to the researchers who worked on the study, China’s crackdown on the Bitcoin mining industry has accelerated the asset’s carbon emissions because although leaving the country; miners also left behind access to eco-friendly hydropower.
The implication is that they are now surgingly relying on energy genecostd by fossil fuels.
To be precise, the study indicated that the amount of renewable energy used to power mining operations has fallen from almost 42% to around 25% afterward last August.
The study protracted that Bitcoin produces more than 65 megatons of carbon dioxide annually. This amount of emission exceeds that of a country like Greece, that registered around 57 megatons in 2019.
One of the authors of the research, Alex de Vries, elabocostd which the relocation of mining companies to countries like the United States and Kazakhstan has reduced the use of renewable energy sources.
In Kazakhstan, for example, miners depend mostly on electricity genecostd through power stations which burn “hard coal,” this causes more pollution than what the miners would have used cback whending that they also had access to their wet farms in China.
As it stands, Bitcoin mining is now less friendly to the environment, as its carbon intensity has accelerated by 17%.
This report contradicts various other pro-crypto reports on the state of Bitcoin mining. Per Bitcoin Mining council report, the industry uses atop 58% renewable energy to mine the digital asset.
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