{"id":28775,"date":"2024-04-06T00:05:48","date_gmt":"2024-04-06T00:05:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/chinese-bitcoin-miners-are-still-with-many-and-they-turned-green\/"},"modified":"2024-04-06T00:05:48","modified_gmt":"2024-04-06T00:05:48","slug":"chinese-bitcoin-miners-are-still-with-many-and-they-turned-green","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/chinese-bitcoin-miners-are-still-with-many-and-they-turned-green\/","title":{"rendered":"Chinese Bitcoin Miners Are Still With Many, And They Turned Green"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Daniel Batten, Managing Partner at CH4 Capital and a respected voice on the environmental sustainability of Bitcoin, in his latest research \u201cThe surprising story of Chinese Bitcoin mining<\/a><\/strong>\u201c, provides an eye-opening and perhaps surprising look into Bitcoin mining in China. It is not what many of us thought it would be. There is still plenty of mining going on in the country.<\/p>\n

Quiet Continuation of Mining<\/h2>\n

First, Batten highlights the resilience of the Chinese Bitcoin mining sector despite the so-called ban<\/a>. Contrary to expectations, not only did the mining hashrate find its way back to China<\/strong>, but it also adopted more sustainable practices<\/strong>. The current hashrate in China makes up about 15% of the global total<\/strong>, a slight decrease from 21.1% before the ban but still a significant figure. This suggests a quiet continuation of mining activities, despite official statements to the contrary. \u201cChina outwardly says \u2018Bitcoin mining is banned\u2019 but it\u2019s not,\u201d<\/em> Batten notes, drawing a stark contrast with Kazakhstan\u2019s stance on mining.<\/p>\n

Greener Mining<\/h2>\n

One of the most significant changes in Chinese Bitcoin mining post-ban is the elimination of coal-based off-grid mining<\/strong>. This move aligns with the Central Government\u2019s emission targets and has led to a reduction in the sector\u2019s carbon footprint. Nowadays, mining primarily relies on hydro and micro-hydro sources, especially during the wet season, making the most of the cheap and abundant hydroelectric power available.<\/p>\n

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China outwardly says \u2018Bitcoin mining is banned\u2019 but it\u2019s not<\/p>\n<\/blockquote>\n

Converting Yuan to USD<\/h2>\n

Batten\u2019s research also uncovers a surprising trend in retail on-grid mining, where individuals willingly mine at a loss<\/strong>. The motivation behind this is to convert Chinese Yuan into USD, circumventing financial restrictions<\/strong>. \u201cMany retail miners are happy to take the profitability hit simply to have a way to convert Yuan to USD,\u201d<\/em> Batten explains.<\/p>\n

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Free Recycled Heat<\/h2>\n

Another interesting finding coming from Batten\u2019s research is the cooperation between mining operations and local provincial governments<\/strong>, which often support min<\/strong>ing activities for economic benefits<\/strong>. He shares the story of a 13 MW mining operation that collaborates with the Provincial Government. This partnership not only allows the mining operation to continue but also provides the government with free recycled heat<\/strong>. \u201cBecause 95% of the energy from Bitcoin mining is disbursed through heat, this is almost as effective as getting heating for free,\u201d<\/em> Batten points out. This recycled heat is then used for practical purposes, such as heating water for fish farms.<\/p>\n

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We\u2019re grateful for Daniel Batten\u2019s diligent research<\/strong>, which continually sheds light on the nuanced aspects of Bitcoin\u2019s environmental impact. His work is a beacon of clarity in an often-misunderstood area, emphasizing the cryptocurrency\u2019s potential for \u2018green\u2019 innovation. In a landscape where Bitcoin<\/a> faces intense scrutiny, just as recent as two weeks ago when GreenpeaceUSA targeted<\/a><\/strong> the cryptocurrency, Batten\u2019s insights are invaluable for presenting a balanced, honest perspective<\/strong>.We look forward to Batten\u2019s new reports, confident in the knowledge and understanding they bring to the complex dialogue surrounding the world\u2019s leading cryptocurrency.<\/em><\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) Daniel Batten, Managing Partner at CH4 Capital and a respected voice on the environmental sustainability of Bitcoin, in his latest research \u201cThe surprising story of Chinese Bitcoin mining\u201c, provides an eye-opening and perhaps surprising look into Bitcoin mining in China. It is not what many of […]<\/p>\n","protected":false},"author":5,"featured_media":28776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/28775"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=28775"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/28775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/28776"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=28775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=28775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=28775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}