Report: Bitcoin Mining Doesn’t Fuel Climate Change, It Benefits the Global Economy
The majority of bitcoin miners — about 78 percent — use renewable energy to power their mining operations, while preventing surplus electricity from going to waste in countries such as China, a new study by Coinshares has revealed. The U.K.-based digital asset management company argues that “bitcoin mining may in fact be acting as an electricity buyer of last resort,” contrary to the mainstream media construct of it being an environmental menace.
‘Buyer of Last Resort’
In its report, “The Bitcoin Mining Network,” Coinshares said that the multibillion-dollar cryptocurrency mining industry is using a lot of excess clean power in China, where the government has poured billions of dollars into the development of solar, wind and hydroelectric power plants. China accounts for 60 percent of global bitcoin mining.
Renewables also dominate in mines throughout the Paciﬁc Northwest, in U.S. states such as…
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