China’s crypto mining ban, which went into effect in the middle of last year, was undoubtedly a setback for the crypto industry. The Chinese authorities indicated that the major reasons for the country’s crypto mining ban are electricity consumption and environmental impact. According to reports, the new energy sources for mining farms after miners departed China are mostly non-renewable. As a result, in recent months, the energy impact of bitcoin mining has skyrocketed. The hash rate from China, which was once known as the mining capital of the world, plummeted to nearly nothing. Miners were forced to cease their operations.
Following the prohibition, the general consensus was that miners would shift their attention to more renewable energy sources in order to avoid a repetition of the problems in the region. A new study, however, has demonstrated that this is not the case. The environmental effects of bitcoin mining, on the other hand, have only become worse. China is recognised for its extensive usage of hydropower, a renewable energy source. Due to this, the country’s miners also used a substantial amount of renewable energy in their operations.
Even still, the carbon burden of mining activities was enough to raise eyebrows. According to the magazine, miners have not necessarily expanded their use of renewable energy. According to the report, the quantity of renewable energy consumed by bitcoin miners has decreased since China’s mining ban.
In August, this figure had risen as high as 42%. However, only seven months later, renewable energy utilisation in mining has dropped to as low as 25%. Bitcoin mining continues to emit huge volumes of CO2 on an annual basis. Bitcoin mining emits more than 65 megatons of CO2 each year, making it less environmentally friendly than ever. Many of the miners who fled China have now relocated to nations where electricity is mostly supplied by burning “hard coal,” which emits more pollutants.
