News Snapshot:
A Chinese province is cracking down on bitcoin mining operations in a bid to reduce energy consumption and emissions. Inner Mongolia is China ’s top energy-consuming province and accounts for more than 8 per cent of global bitcoin mining , according to data compiled by the Cambridge Bitcoin Electricity Consumption Index . Bitcoin miners have been attracted to China for its cheap electricity, however its reliance on coal and other fossil fuels has raised questions about the network’s environmental impact. Current estimates put bitcoin’s energy requirements at around 130 terawatt-hours (TWh) annually, which would rank it in the top 30...
