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[Blockchain Today Reporter Jieun Lee] With Argo Blockchain recording record sales, 75% of Bitcoin mining still occurs in China, where’bloody coins’ are still made, Cointelegraph reported.
Argo Blockchain, a British bitcoin (BTC) mining company, has the highest quarterly performance in history and recorded the highest sales for the third consecutive month. However, despite the rapidly growing cryptocurrency mining business in the West, the majority of bitcoin production is still produced in China, which powers numerous mining rigs on cheap coal fuel.
According to a recent Nature.com report, bitcoin mining accounts for about 75% of bitcoin mining operations in China. Kevin O’Leary, an investor at Shark Tank and Dragon’s Den, recently described all bitcoins mined using fossil fuels as’bloody coins’.
This investor said that from now on, the bitcoins he will buy and trade will be’clean coins’. In other words, you only get bitcoin from miners that use green or renewable energy.
O’Leary also argues that “institutional investors will soon begin to be aware of the environmental issues that arise when using Bitcoin and will soon begin to look for’virgin coins’ to refer to coins whose origin of production is known and agreed in advance. did.
According to Nature researchers, China’s greenhouse gas emissions from bitcoin mining will exceed the total emissions of the Czech Republic and Qatar by 2024.
“The annual energy consumption of China’s Bitcoin blockchain without policy intervention will peak at 296.59 TWh in 2024, and it is expected to generate 131 million metric tons of carbon emissions. Internationally, these emissions exceed the total annual greenhouse gas emissions in the Czech Republic and Qatar.”
With inexpensive fossil fuel energy and proximity to Southeast Asia’s mining hardware production centers, Chinese Bitcoin miners dominate the global landscape in terms of the creation of BTC.
The report states that “through proximity to professional hardware manufacturers and access to cheap electricity, they account for more than 75% of the hashing power of the Bitcoin network, and most of the mining process took place in China.”
Meanwhile, the Argo blockchain recorded record sales for the third consecutive month, achieving the best financial quarterly performance so far. Argo, using a renewable energy source at its Canadian operations center, mined 387 BTC in the first quarter of 2021, with revenues exceeding 18.5 million British pounds. It is reported that the company has a total of 764 BTC as of the end of March.
Peter Wall, CEO of Argo, said, “Argo is very pleased to have the highest performance since its inception this quarter, generating revenue and revenue for mining for the third consecutive month.”
In addition, Argo recently announced that it will set up a clean energy Bitcoin pit powered only by renewable hydropower plants.