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| Study says bitcoin could derail China's climate change targets | Study says bitcoin could derail China's climate change targets |
| (about 4 hours later) | |
| Bitcoin mining in China is so carbon intensive that it could threaten the country's emissions reduction targets, according to new research. | Bitcoin mining in China is so carbon intensive that it could threaten the country's emissions reduction targets, according to new research. |
| China wants its emissions to peak in 2030, and has plans to be carbon neutral by 2060. | China wants its emissions to peak in 2030, and has plans to be carbon neutral by 2060. |
| The cryptocurrency's carbon footprint is as large as one of China's ten largest cities, the study found. | The cryptocurrency's carbon footprint is as large as one of China's ten largest cities, the study found. |
| China accounts for more than 75% of bitcoin mining around the world, researchers said. | China accounts for more than 75% of bitcoin mining around the world, researchers said. |
| The study was written by academics from the University of the Chinese Academy of Sciences, Tsinghua University, Cornell University and the University of Surrey. It was published by the peer-reviewed journal Nature Communications. | The study was written by academics from the University of the Chinese Academy of Sciences, Tsinghua University, Cornell University and the University of Surrey. It was published by the peer-reviewed journal Nature Communications. |
| "Without appropriate interventions and feasible policies, the intensive bitcoin blockchain operation in China can quickly grow as a threat that could potentially undermine the emission reduction effort taken place in the country," it warned. | "Without appropriate interventions and feasible policies, the intensive bitcoin blockchain operation in China can quickly grow as a threat that could potentially undermine the emission reduction effort taken place in the country," it warned. |
| Tesla cars can be bought in Bitcoin | Tesla cars can be bought in Bitcoin |
| Bitcoin surges past $60,000 for first time | Bitcoin surges past $60,000 for first time |
| Buyer defends paying $2.9m for 'Mona Lisa' of tweets | Buyer defends paying $2.9m for 'Mona Lisa' of tweets |
| Some rural areas in China are popular among bitcoin miners, mainly due to the cheaper electricity prices and undeveloped land to house the servers. | Some rural areas in China are popular among bitcoin miners, mainly due to the cheaper electricity prices and undeveloped land to house the servers. |
| Miners play a dual role, effectively auditing bitcoin transactions in exchange for the opportunity to acquire the digital currency. | Miners play a dual role, effectively auditing bitcoin transactions in exchange for the opportunity to acquire the digital currency. |
| The process requires enormous computing power, and in turn consumes huge amounts of energy. | The process requires enormous computing power, and in turn consumes huge amounts of energy. |
| Already, bitcoin-related emissions in China exceed the total emissions of the Czech Republic and Qatar in 2016. | Already, bitcoin-related emissions in China exceed the total emissions of the Czech Republic and Qatar in 2016. |
| Man loses £210 million worth of bitcoin after throwing away hard drive. | |
| By 2024, China's bitcoin operations will exceed the total energy consumption of Italy and Saudi Arabia, and would rank 12th among nations. | By 2024, China's bitcoin operations will exceed the total energy consumption of Italy and Saudi Arabia, and would rank 12th among nations. |
| At its peak, it could account for about 5.41% of China's electricity generation emissions. | At its peak, it could account for about 5.41% of China's electricity generation emissions. |
| The researchers said a carbon tax would be relatively ineffective for bitcoin, and suggested "site regulation" policies instead. | The researchers said a carbon tax would be relatively ineffective for bitcoin, and suggested "site regulation" policies instead. |
| 'Chinese financial weapon' | 'Chinese financial weapon' |
| The researchers said the "attractive financial incentive of bitcoin mining" has caused an arms race in dedicated mining hardware | The researchers said the "attractive financial incentive of bitcoin mining" has caused an arms race in dedicated mining hardware |
| The price of the cryptocurrency surged during the pandemic, rising from $7,000 last April to pass $60,000 in March before hitting a period of volatility. | The price of the cryptocurrency surged during the pandemic, rising from $7,000 last April to pass $60,000 in March before hitting a period of volatility. |
| Bitcoin's price increase was pushed higher by well-known companies adopting it as a method of payment, including electric carmaker Tesla. | Bitcoin's price increase was pushed higher by well-known companies adopting it as a method of payment, including electric carmaker Tesla. |
| The Covid-19 pandemic also likely played a part, with more people shopping online and moving further away from physical currencies. | The Covid-19 pandemic also likely played a part, with more people shopping online and moving further away from physical currencies. |
| Critics have long charged that in addition to its environmental impact, its main use is as a financial speculation tool rather than as a currency. | Critics have long charged that in addition to its environmental impact, its main use is as a financial speculation tool rather than as a currency. |
| They also worry that it is prone to market manipulation by a few large players. | They also worry that it is prone to market manipulation by a few large players. |