New Study Claims China Ban Has Worsened Bitcoin’s Carbon Emissions - BitcoinEthereumNews.com
One of the most over-flogged issues within the crypto space is the issue of carbon emission associated with Bitcoin mining. Before now, Bitcoin miners were mostly concentrated in China. Mining activities thrived in the country for several years, although the government had baned all forms of crypto-related activities such as trading as far back as 2017. However, this changed last year as the government issued another blanket ban on the industry and forced several crypto exchanges and mining firms to close shops and move to new places. The decision of the countrys State Council to clamp down on the industry followed a pledge made by the President, Xi Jinping, to achieve carbon neutrality in the next four decades. However, new research published in the Joule journal about mining cryptocurrency 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 increased the asset’s carbon emissions because while leaving the country; miners also left behind access to eco-friendly hydropower. The implication is that they are now increasingly relying on energy generated by fossil fuels. To be precise, the study indicated that the amount of