A coal mine located in China’s Xinjiang region flooded and shut down last weekend. The resulting effect on China’s Bitcoin mining industry has highlighted how the practice is still heavily reliant on coal.
The mine’s shutdown coincided with a significant drop in Bitcoin’s hash rate—the measuring unit of the Bitcoin network’s processing power. In fact, the Bitcoin hash rate dropped to its lowest level since November 2020 during the mine blackout, per Coin Metrics figures.
Coin Metrics data. Image: Coin Metrics
These figures highlight the Bitcoin network’s reliance on fossil fuels, rather than renewable energy.
Bitcoin’s dirty energy problem
Bitcoin mining is an energy-intensive business, and despite some efforts to pivot towards renewable energy, the network is still heavily reliant on fossil fuels, particularly in China.
“China’s current obsession with coal plants—despite greenhouse emission promises—means that certain miners can take advantage of chea
Źródło: https://decrypt.co/68591/flooded-coal-mine-highlights-chinese-bitcoin-miners-reliance-on-dirty-power
