British Bitcoin Miner (BTC) Argo Blockchain has just released the best quarter in its history, recording record revenues for three straight months. Despite the booming cryptocurrency mining project in the West, the vast majority of bitcoin mining operations still take place in China, where cheap coal power flows through countless mining platforms.

A recent report from Nature.com showed that up to 75% of bitcoin mining takes place in China – news that should be unpleasant for Shark Tank and Dragon investor Kevin O’Leary, who recently ranked all bitcoin mining from fossil fuels. “Like a bloody coin.”

The investor went so far as to say that from now on the only bitcoin he would buy and handle would be “pure currency”, ie bitcoin taken from miners who use green or renewable energy.

O’Leary also said that institutional investors will soon begin to notice environmental problems associated with the use of bitcoins, and may soon begin to look for “pure” coins, that is, those whose source of production is already known and agreed in advance.

According to researchers from Nature, China’s greenhouse gas emissions from bitcoin mining alone will exceed the total emissions in both the Czech Republic and Qatar combined by 2024:

“We found that without any political intervention, the annual energy consumption of the Bitcoin blockchain in China is expected to peak in 2024 at 296.59 TWh, resulting in an increase in carbon emissions of 130.50 million tonnes. Annual production of greenhouse gas emissions for the Czech Republic and Qatar ”.
With cheap fossil energy and proximity to a mining center in Southeast Asia, China’s bitcoin miners dominate the global market for BTC production.

“Given the proximity to specialized hardware manufacturers and access to cheap power, most of China’s mining operations took place, and the country’s miners accounted for more than 75% of the retail network’s retail capacity,” the report said.

In related news from closer to home, Argo Blockchain has just posted record revenues for three straight months when the company posted its best accounting quarter to date. Using renewable energy sources in operations centers in Canada, Argo produced 387 BTC in the first quarter of 2021, with a turnover of over £ 13.4 million ($ 18.5 million). The company reportedly owned 764 BTC at the end of March.

“I am pleased that Argo has had record mining revenues and profits for the third month in a row, making Argo the best quarter since its inception,” said Peter Wall, CEO of Argo.

Argo recently announced that it will create a Bitcoin Bitcoin mining operation powered solely by renewable hydropower.

The extent of blood coin production in China is very much discussed, let alone denied, by many in the cryptocurrency area – and beyond. Miami Mayor Francis Suarez recently stated that 90% of bitcoins came from dirty energy sources.

Source: CoinTelegraph

LEAVE A REPLY