After the Bitcoin mining ban in China, there is a positive side effect. The Chinese use this advantage to tackle another problem.
China does not take half measures, they do in many areas. So also in the field of ‘mining’ Bitcoins. This is because they are not really in favor of digital currencies, over which the government has no influence. In addition, it also consumes a lot of energy. Now there’s one ban there is an energy surplus.
Bitcoin mining ban results in a positive side effect
Climate grounds aside, several governments around the world have sharpened their stance on Bitcoin mining this year. Citing concerns about its impact on the local energy supply. For example, in late April, a former Kyrgyz government official argued that crypto mining is a major cause of the country’s energy crisis. Another example comes from Iran. Iranian licensed miners will not be allowed to work in the country until September. This is in an effort to save energy during the summer months.
Guizhou Province is the first in the country to use the released energy capacity. This is to promote a climate-conscious agenda now that the Bitcoin industry is gone. The hydropower-rich Southern Province recently announced a plan. The plan sets out to build at least 4,500 charging stations for electric vehicles by 2021. This will increase to 5,000 in 2022 and 5,500 the following year.
Investing in sustainability
As the South China Morning Post reported, Beijing’s pressure on Bitcoin miners has freed up more than 50 terawatt hours of electricity. Enough to meet the charging needs of 10 million Tesla Model 3s per year. That’s not wrong.
Cao Hua, a partner at the private equity firm Unity Asset Management, said: “Tackling energy-guzzling Bitcoin mining and using the excess capacity to support the development of the future of mobility is the best example of how China is trying achieve its carbon neutrality target.”
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