Bitcoin mining china news

China's electricity-guzzling Bitcoin mines, which power nearly 80 per cent of the world's cryptocurrency trade, could undermine the country's climate goals, according to a study published on Tuesday in the scientific journal Nature. While the terminology cunjures up images of digging up precious minerals from a hole in the ground, mines from which Bitcoins are extracted are in fact sites full of microprocessors running to perform mathematical calculations. These computers, which are the source of Bitcoins, consume huge amounts of electricity, some of it originating in one of more than a thousand coal-fired power plants across China. According to the Nature study, if left unchecked, China's Bitcoin mines will produce

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Content:

• US leads world in bitcoin mining after China crackdown sends industry overseas
• China’s crypto crackdown sparks Thai crypto-mining boom
• Chinese banks promise to step up cryptocurrency ban
• The scale of China's Bitcoin mining rush could undermine its carbon-zero goals
• China’s Bitcoin Miners Will Consume as Much Energy as Mid-Sized Country within Three Years
• Cryptocurrency

WATCH RELATED VIDEO: U.S. vs China: The Battle for Bitcoin Mining Supremacy - WSJ

US leads world in bitcoin mining after China crackdown sends industry overseas

We handpick and explain the most important climate and energy stories from China over the past seven days. Subscribe for free here. China has intensified its clampdown on cryptocurrency mining in a bid to curb rising demand for energy and coal. This week, one region proposed tough penalties on companies engaging in crypto operations — shortly after it had launched a dedicated platform for the public to report on such activities.

Final-stage tests of the programme are underway and the first group of companies are ready to buy and sell, according to reports. The authority demanded that those centres cut their energy use.

One province has planned a new facility under the sea to solve the problem. It came after the local officials had set up a platform to encourage the public to inform on crypto-related activities, said state-affiliated China Times. In February, the region had drafted plans to end all cryptocurrency operations. Last month, a coal mine accident left 21 people trapped in Xinjiang, another crypto hub.

The accident had been linked to power supply for crypto server farms, Bloomberg said. Meanwhile, the first batch of participating organisations — 2, in total — have completed their registration and are ready to trade, according to state-run China Energy News.

On the same day, the state economic planner instructed all regions to improve the energy efficiency and reduce the energy consumption of their data centres in a new national innovation scheme, an official notice read. The official channel quoted the latest statistics from the MEE. Dholakia made the comments during an interview with Chinese financial publication 21st Century Business Herald.

Earlier this month, China Briefing explained the circumstances behind why Thunberg has been criticised in China. They note that the study measured the release rate of human-sourced carbon into the long-term cycle, providing a new angle to track carbon emissions.

The number of such days is forecast to surge to eight to 67 between and , if emissions are very high. Please email any feedback or tips to [email protected]. Get a Daily or Weekly round-up of all the important articles and papers selected by Carbon Brief by email. By entering your email address you agree for your data to be handled in accordance with our Privacy Policy.

Carbon Brief Staff Snapshot China has intensified its clampdown on cryptocurrency mining in a bid to curb rising demand for energy and coal. You have been signed up successfully.

China’s crypto crackdown sparks Thai crypto-mining boom

France 24 is not responsible for the content of external websites. When a prefecture in northwestern China's Xinjiang region ordered a halt on cryptocurrency mining projects this month, Chris Zhu scrambled to move clients' machines southward, spending over a week to reassemble in Sichuan. But after the shift, he received another notice -- authorities in southwestern Sichuan were also putting a stop to the industry, in a turbulent year that has lost his company millions. He is among businessmen and miners now planning to seek their fortunes overseas -- in countries ranging from the United States to Kazakhstan -- as Beijing tightens the screws on the industry.

Chinese banks promise to step up cryptocurrency ban

The operation in the quiet town of Rockdale was part of an already bustling U. Experts say rule of law and cheap electricity in the United States are a draw for bitcoin miners, whose energy-gulping computers race to unlock units of the currency. China was the undisputed heartland of crypto mining with about two-thirds of global capacity in September , but last month Beijing declared illegal all transactions involving crypto money as it seeks to launch one of its own. Samir Tabar, chief strategy officer at miner Bit Digital, said the company started to pull out of China in and accelerated that process as the crackdown intensified. They have operations in the United States and Canada. Some of the key pulls toward the United States are simply a democratic government, a court system and the power to protect property rights. He expected the shift to the United States to be temporary, saying places like Nordic countries have cheap and abundant renewable energy, as well as plenty of cold weather to cool the hot-running mining machines. The steady increase in U. An ongoing backlash has been fueled by concerns the industry relies on carbon-emitting power sources that contribute to climate change.

The scale of China's Bitcoin mining rush could undermine its carbon-zero goals

Russia may ban crypto mining and investment amid fears that it could compromise financial stability in the country. Under the proposals, financial institutions in Russia would be blocked from making any crypto transactions, including buying and selling of crypto for fiat currency. Russia has long feared the prevalence of crypto could exacerbate criminal activity such as money laundering or the financing of terrorism. The new proposals would bring in a blanket ban, including crypto exchanges. Crypto trading has been illegal in China since but stricter rules were introduced in

China’s Bitcoin Miners Will Consume as Much Energy as Mid-Sized Country within Three Years

These began in when the Chinese government recognized bitcoin as virtual property but banned it as a transaction medium. Since then, China has progressed to the point of regulators instituting trading restrictions and now, mining restrictions, Lee explained. It hasn't already banned everything. Now they're going to go after mining, apparently. The slow creep of regulation is typical of Chinese regulations, Lee said. Changing the rules can be very controversial.

Cryptocurrency

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China has released the new digital yuan app for iOS and Android on domestic app stores, available to users in 12 cities across China and will be available to foreign visitors at the Winter Olympics. Tencent-owned WeChat announced it would begin rolling out the e-CNY as a payment option on its platform, potentially introducing the digital currency to over 1. Russia-Iran Ties Set to Boom. The VAT privilege covers the sale of equipment, supplies, packaging materials, and goods, among others, for a maximum period of up to 17 years.

According to a report by Bloomberg, China told its government companies to stop cryptocurrency mining and said it would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining. Chinese authorities say cryptocurrencies disrupt economic order, and facilitate illegal asset transfers and money laundering. The country aims to become carbon neutral by It should be noted that Bitcoin or any cryptocurrency mining requires high-powered computers, that are competing to solve complex mathematical puzzles, in a process that makes intensive use of electricity. Interestingly, China accounts for more than 75 percent of Bitcoin mining, according to research published by the peer-reviewed journal Nature Communications in April. Read more China says all crypto-related transactions are illegal.

It comes amid preparations for an economic slowdown, with fears about property giant Evergrande going bust and people wanting to move their money out of China. Technology reporter AlexMartin. The People's Bank of China PBoC has announced that all cryptocurrency-related financial activities are illegal, including transactions, providing pricing services, and launching new tokens. According to a notice published on the central bank's website, it will be illegal for Chinese residents to purchase cryptocurrencies from overseas and even be involved in marketing or technical support relating to crypto businesses. The authenticity of the announcement has been confirmed by Sky News' bureau in Beijing, but follows an announcement falsely claiming US retail giant Walmart would soon be accepting the cryptocurrency Litecoin, believed to have been perpetrated by people seeking to artificially inflate that cryptocurrency's value.

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