News Snapshot:
The Chinese share of Bitcoin mining’s global usage of electricity fell below half for the first time in April. However, Kazakhstan’s usage has jumped six-fold to become the third-biggest consumer of crypto energy in the world, while China’s global hash rate fell to 46% in the period between September 2019 and April 2021. According to the Cambridge Centre for Alternative Finance, this data offers a good outlook at the migration of the Xinjiang miners from the west to the southern parts of the country where there is a monsoon season, meaning hydropower is much cheaper. Chinese authorities have ordered cryptocurrency...