The Possible Xinjiang Coal Link in Tesla’s Bitcoin Binge | Crypto Craft

  • The Possible Xinjiang Coal Link in Tesla’s Bitcoin Binge

    From bnnbloomberg.ca

    There’s a pretty good chance that any new Bitcoin generated after the cryptocurrency’s Elon Musk-aided surge toward $50,000 will be sourced using cheap coal power in China’s Xinjiang. The region that’s become notorious in recent years for complaints about abuse of Uyghur Muslim minorities is also a hub for the production of Bitcoin. Nearly two-thirds of global output took place in China as of April 2020, according to University of Cambridge researchers, and about one-third of that occurred in Xinjiang. The main draw is the cheap power needed to run the computers that perform the complicated equations for ... (full story)

Comment Options
yieldjunkie
Feb 9, 2021 11:08am
Permalink
Bloomberg is really making a stretch here to draw a link between Elon and China.

Disclaimer to end the article... "On a grand scale Bitcoin mining consumes relatively little power. It probably represented about 0.2% of China’s total electricity demand in 2017, according to a 2018 BloombergNEF study."
Reply
  • Story Stats