China, home to the world’s biggest cryptocurrency mining farms, now wants to ban them completely

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  • Bitcoin, the world’s most traded cryptocurrency, is now at around US$5,200, its highest level in four months
An employee inspects machines for the production of bitcoin and lightcoins. Photo: AFP
An employee inspects machines for the production of bitcoin and lightcoins. Photo: AFP

China’s top economic planning body has proposed new rules that would see the closure of all local cryptocurrency mining facilities if enacted – a move that would potentially end the country’s dominance in the energy-hungry, yet lucrative industry.

The National Development and Reform Commission (NDRC) on Monday

unveiled amendments

to its guidance for adjustments to the nation’s industrial structure, including categories that are encouraged, restricted and eliminated. Cryptocurrency mining was included among sectors to be eliminated immediately. The new list is under public consultation until May 7.

The NDRC did not immediately respond to a request for comment sent via a message board on its website.

Cryptocurrency mining is the process of validating transactions in digital forms of money like bitcoin and ethereum in exchange for new coins given as a reward. The specialised computers used for the mining activity consume large amounts of electricity.

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Estimated Electricity Cost Of Mining One Bitcoin By Country

Powercompare.co.ukEstimated Electricity Cost Of Mining One Bitcoin By Country

 

The map above shows a very rough estimate of the current electricity costs of mining one Bitcoin by country around the world.

Based on our research, Kuwait is the cheapest country in the world to mine Bitcoins while the Solomon Islands would be the most expensive.

Overall, Bitcoin’s total electricity consumption is huge. In November last year we reported that Bitcoin Mining Now Consuming More Electricity Than 159 Countries Including Ireland & Most Countries In Africa. Tiếp tục đọc “Estimated Electricity Cost Of Mining One Bitcoin By Country”

Can We Prevent a Global Energy Crisis From Bitcoin Mining?

Unchecked bitcoin mining could equal the world's current electricity consumption.

Unchecked bitcoin mining could equal the world’s current electricity consumption

Bitcoin Mining Now Consuming More Electricity Than 159 Countries Including Ireland & Most Countries In Africa

Bitcoin Mining Now Consuming More Electricity Than 159 Countries Including Ireland

The map above shows which countries consume less electricity than the amount consumed by global bitcoin miningBitcoin’s ongoing meteoric price rise has received the bulk of recent press attention with a lot of discussion around whether or not it’s a bubble waiting to burst.

However, most the coverage has missed out one of the more interesting and unintended consequences of this price increase. That is the surge in global electricity consumption used to “mine” more Bitcoins.

According to Digiconomist’s Bitcoin Energy Consumption Index, as of Monday November 20th, 2017 Bitcoin’s current estimated annual electricity consumption stands at 29.05TWh.

That’s the equivalent of 0.13% of total global electricity consumption. While that may not sound like a lot, it means Bitcoin mining is now using more electricity than 159 individual countries (as you can see from the map above). More than Ireland or Nigeria. Tiếp tục đọc “Bitcoin Mining Now Consuming More Electricity Than 159 Countries Including Ireland & Most Countries In Africa”