Bitcoin mining farm in china
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Content:
- U.S. becomes largest bitcoin mining centre after China crackdown
- Is cryptocurrency bad for the environment?
- China's secret Bitcoin mine
- Largest Bitcoin Mining Farms in the World
- Bitcoin mining mega farm burns down in China, destroying $10m of cryptocurrency machines
- Texas Republicans Who Want to Lure Bitcoin Mining Companies Should Be Very, Very Careful
- Iran’s biggest bitcoin miner gets green light
U.S. becomes largest bitcoin mining centre after China crackdown
A fire at a major bitcoin mining farm in China has destroyed millions of dollars worth of equipment, according to reports. The incident took place on Monday at a data centre operated by Innosilicon, according to bitcoin mining expert Marshall Long, who posted pictures of the fire on social media.
Innosilicon has not confirmed that the fire took place at its facilities and did not respond to a request for comment from The Independent. Bitcoin mining is the process of generating new units of the cryptocurrency by solving complex mathematical problems. It requires vast amounts of computer processing power and is therefore extremely energy intensive.
Recent estimates suggest that the mining network that supports bitcoin uses as much energy as the entire nation of Ireland and some scientists claim it has put the world on the brink of an environmental disaster.
A study published in Nature Climate Change found that the carbon emissions produced by the vast energy demands of bitcoin could push global warming above 2C in just two decades.
While clean energy mining solutions do exist, such as in Iceland and Norway, the majority of operations are based in China, where coal-generated electricity is cheap. China claims to be cracking down on unlicensed cryptocurrency mining operations, however it is not clear what measures are being taken.
In August, another significant mining operation in the country suffered a catastrophe when the Poolin mining farm was destroyed by floods in the Sichuan province. Registration is a free and easy way to support our truly independent journalism. By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists. Join thought-provoking conversations, follow other Independent readers and see their replies.
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Is cryptocurrency bad for the environment?
In a bamboo hut at a restaurant in the middle of China's Sichuan province an unlikely industry gathering is taking place. A large sunken pot of spicy broth is bubbling away on the table which is cluttered with plates of food drowned in oil and chillis, cups of green tea and empty cans of Red Bull. This restaurant in a small town, about an hour's drive from Kangding city and not far from the Tibetan Plateau, is. This Kangding warehouse houses around 10, super computers that solve equations around the clock to produce Bitcoin. Dave Tacon.
China's secret Bitcoin mine
This computational arsenal belonged to a crypto mining farm, a facility crammed wall-to-wall with specialized computers dedicated to solving the complex math problems that keep the network running, and earning new Bitcoin along the way. But this all came to an end at 9 p. Employees pack up and leave a mining center on June 19 following its closure. He got a lucky break in November when he was introduced to Liu Weimin pseudonym , a well-connected Sichuan businessman, who had just negotiated a deal with a state-owned hydropower plant to build a crypto farm in Heishui county, around kilometers from provincial capital Chengdu. Ye was appointed manager of the facility. The fact that the electricity for crypto mining in Sichuan came from hydropower meant that many thought the province would be a safe haven for Bitcoin miners. As pressure on local governments to cut carbon emissions mounts, projects were successfully shuttered in some other provincial-level regions — such as Xinjiang and Inner Mongolia — where the mining was chiefly fueled by coal. Also, the Sichuan government appeared to be positive toward the business. In July it decided to set up demonstration zones that welcomed energy-intensive industries to help consume hydropower during the summer and autumn months that would otherwise be wasted.
Largest Bitcoin Mining Farms in the World
We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. Be skeptical. The cryptocurrency bitcoin has become notorious for its ravenous appetite for electricity — and its presumed massive carbon footprint. A June paper in the journal Joule estimated that annual carbon dioxide emissions from the bitcoin network are as high as
Bitcoin mining mega farm burns down in China, destroying $10m of cryptocurrency machines
The aim is to constrain growth in energy consumption to about 1. The region now aims to cut emissions per unit of gross domestic product by 3 per cent this year and limit incremental growth of energy consumption to about 5 million tons of standard coal, according to the draft plan. Chinese officials first outlined proposals in to discourage crypto-mining -- the computing process that makes transactions with virtual currencies possible but consumes vast amounts of power. Inner Mongolia, which is clustered with large coal mines, is famous for inexpensive energy and has attracted investment from a plethora of power-intensive sectors such as aluminum and ferro-alloy smelting over past decades. The region accounted for 8 per cent of global Bitcoin mining computing power, according to the Bitcoin Electricity Consumption Index compiled by Cambridge University. The local crackdown is reviving old fears.
Texas Republicans Who Want to Lure Bitcoin Mining Companies Should Be Very, Very Careful
Downpours transform the mottled landscape into lush emerald, while azaleas bloom and migrating cranes and storks begin the long journey back north. The rainfall also brings trucks stacked with computers to hydropower dams, where entrepreneurs can tap cheap electricity for mining bitcoin—the arcane process that accumulates the cryptocurrency using huge amounts of computing power to solve equations. Cryptocurrency mining requires huge amounts of computing power, making energy consumption a major overhead for the industry. Local governments will often offer power for pennies—or even free—to attract jobs and get a painless boost to their gross domestic product figures. While individual miners and traders may be able to slip through the cracks, larger commercial miners will likely be considering alternative mining hubs with less rigorous regulatory regimes, analysts say.
Iran’s biggest bitcoin miner gets green light
The new rules are not specifically targeted at crypto: They are intended to rein in all energy intensive industries Inner Mongolia was the only province to fail a central government review of energy consumption last year. Aside from crypto mining, they will also limit PVC, steel, coke, and methanol production. And miners need a lot of electricity: The bitcoin economy uses more electricity annually than the whole of Argentina, according to analysis by researchers at Cambridge University.
Bitcoin is a virtual currency devised by the mysterious Satoshi Nakamoto as a revolutionary monetary system independent of central banks and governments. The currency is booming as an investment asset and form of payment in China , Japan and South Korea. China is one of the main exchange markets of bitcoin, although the currency exists in a legal limbo and is prone to speculation. Some of these supercomputers are installed in rural places close to power plants. Entrepreneurial Chinese set up mines in the province due to its abundance of hydropower, perfect for the high energy needs of the computers required for bitcoin mining. Bitcoin mines are buildings equipped with massive numbers of microprocessors where miners solve complex maths problems and are rewarded in the digital currency.
Want to discuss? Please read our Commenting Policy first. Hampered by their own government, Chinese bitcoin miners are increasingly looking to Canada to house their lucrative but energy-sapping facilities. Earlier this month, a leaked document obtained by an employee of U. Multiple bitcoin miners also told Reuters that local authorities were taking various steps to clamp down on their operations.
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