Can ‘clean’ Bitcoins, rather than ‘Blood coin from China,’ become popular?

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According to recent estimates, Bitcoin absorbs about 77.8 TWh a year, making the network’s gross energy usage equal to Chile’s. Bitcoin mining, in particular, has been criticised for emitting 37 megatons of CO2 per year, which is equivalent to New Zealand’s overall glasshouse gas emissions.

If the network extends towards global markets, Bitcoin advocates can’t help but see other avenues to make Bitcoin greener. The concept had already taken hold in 2019; according to a study, 109 Bitcoin companies said that renewable energy fuelled their mining operations.

Recently, Shark Tank’s Kevin O’Leary supported the green Bitcoin movement and expressed his thoughts on purchasing a “safe” clone of the flagship cryptocurrency. He confirmed that he has agreed to only buy Bitcoins mined using green resources. Furthermore, O’Leary believed that other organisations had started to follow suit.

According to him, investors are curious about the roots of Bitcoin: whether they are environmentally friendly or not. He claimed that no one would want to buy Bitcoin mined in China, especially because mining companies in China rely on non-renewable resources such as coal.

It is referred to as a “interesting dilemma” by the author. O’Leary estimated that there will be two forms of coins in the next two years:

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Blood coin from China, [and] renewable coin mined in countries that use hydroelectricity rather than coal.

In an interview with CNBC, O’Leary said:

We have compliance on large institutions, we have covenants on how assets are made, whether carbon is burned, whether there are human rights involved, whether it’s made in China.

All of these issues have now come to the fore on Bitcoin. Institutions will not buy coin mined in China; coin mined using coal to burn for electricity; coin mined in countries with sanctions on them. And all of a sudden there’s this huge demand for virgin coin with the provenance known.

If the investor is right, this will be yet another setback for China’s Bitcoin mining market, which is still facing stiff competition from western counterparts. In the midst of a mining chip shortage in China, local miners have protested that massive purchases from North America are “squeezing supply” in the area. It is worth mentioning that, with a scarcity of BTC and ETH mining machines, the sector has turned to altcoins like FIL as a “third choice.”

 

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