Bitcoin set China under threat

Because of the production of bitcoins, Beijing plans to reduce harmful emissions into the atmosphere were under threat. According to CNBC, 75 percent of world mining is on China. At the same time, last year, the Chairman of the People’s Republic of China Si Jinping said that the country is aimed at achieving the peak of carbon dioxide emissions by 2030 and reaches carbon neutrality to the 2060th. But uncontrolled mining can disrupt these plans.

According to the calculations of the University of Cambridge, all over the world, the Bitcohnov mining consumes about 128.84 terravatt-hour (TSH) of energy per year – more than, for example, Ukraine or Argentina. If you do not accept any measures, by 2024, energy consumption from mining in China will reach the maximum 296.59 terravatt-hours, and this in the aggregate will result in the emission of 130 million tons of carbon into the atmosphere.

On the other hand, the growth of the stock price of Bitcoina played to China and his project of digital yuan, which actively implements and promotes the Central Bank of the country. The main characteristic of the digital yuan will be its emission of the Central Bank, while the turnover of the new currency will not be based on the technology of the blockchain. In the future, the digital yuan could be an alternative to cash.