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Home Tech Crypto UK Bitcoin mining revenues soar but China hogs 75% of ‘blood coin’...

UK Bitcoin mining revenues soar but China hogs 75% of ‘blood coin’ production

Document Analysis NLP IA

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probably it's an affirmation
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Summary (IA Generated)

United Kingdom-based Bitcoin (BTC) mining firm Argo Blockchain just recorded the best quarter in its history, generating record revenues for three months straight.

Yet despite the burgeoning cryptocurrency mining venture emerging in the west, the vast majority of Bitcoin production still takes place in China, where cheap, coal-powered electricity fuels an untold number of mining rigs.

com revealed that as much as 75% of Bitcoin mining takes place in China — news which must fall hard on the ears of Shark Tank and Dragon’s Den investor Kevin O’Leary who recently labeled all Bitcoin mined with the use of fossil fuels as “blood coin.

According to researchers at Nature, China’s greenhouse gas emissions from Bitcoin mining alone will exceed the total emissions of both the Czech Republic and Qatar combined by 2024:.

”.

Helped by cheap fossil fuel energy, and their close proximity to the epicenter of mining hardware production in South East Asia, Bitcoin miners in China dominate the global landscape in terms of generating BTC.

“Due to the proximity to manufacturers of specialized hardware and access to cheap electricity, the majority of the mining process has been conducted in China as miners in the country account for more than 75% of the Bitcoin network’s hashing power,” states the report.

In related news from closer to home, Argo Blockchain just notched up record revenues in three consecutive months, as the firm achieved its best financial quarter to date.

Using renewable energy sources in operational centers based in Canada, Argo mined 387 BTC in the first quarter of 2021, with revenues exceeding 13.

Argo recently announced it would set up a clean energy Bitcoin mining pool, powered only by renewable, hydroelectric sources.


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