What Electricity is Needed to Mine Bitcoin (Is Bitcoin Mining Electricity Legal?)
What electricity is needed to mine Bitcoin? In most countries around the world,
What electricity is needed to mine Bitcoin? In most countries around the world, electricity supply is managed through the power grid. However, the situation is quite different in the United States, Japan, and other places. Due to China being friendly to cryptocurrency miners and having high energy efficiency, many people believe that the U.S. government can help combat illegal activities and prevent them from further expanding. However, this is not the case for Chinese miners, as they use cheap and environmentally friendly hydroelectric equipment (such as Antminer S19Pro). Therefore, this means that the electricity demand in the United States may be higher than in other parts of the world: there are about 30,000 households in the United States that own over 50,000 bitcoins. In China, this number is only 40,000 households to choose from. (Bitcoin.com)
Is Bitcoin Mining Electricity Legal?
Editor’s Note: This article is from 8btc (ID: bitcoin8btc), author: Kyle, authorized to be published by Planet Daily.
Is Bitcoin mining electricity legal?
Recently, the U.S. Department of Energy and the National Grid Corporation released a latest report on Bitcoin network usage – “2020 Electricity Consumption Survey”. This study covers major issues related to Bitcoin blockchain usage and its relationship with other cryptocurrencies. The data includes the growth of Bitcoin’s hash rate, the change in hash rate, and its impact on the environment. (Translator’s Note: This new report is a survey result released by the International Energy Agency (IEA) in March 2021.)
According to the U.S. government, “Is it necessary to use renewable resources in the cryptocurrency market?” In fact, if we look at the current situation, Bitcoin mining requires a large amount of electricity to support its business development because it generates a lot of heat. However, if we consider this demand, there may be more security risks, resulting in serious damage to the entire industry.
To address this issue, China relies mainly on solar power systems to power cryptocurrency mining equipment. “Since our products are mainly based on green technology, we can ensure that the carbon dioxide generated by reducing or eliminating greenhouse gas emissions will not have any impact on the environment.” The flood season of one of China’s largest nuclear power plants has begun and is expected to end this summer. As time goes on, more and more projects are being developed.
In addition, China’s “intelligent” industry is also continuously developing, such as Sichuan’s thermal power consumption demonstration zone has become the world’s second largest tropical region. It is reported that in addition to South China University of Technology, China also has a research center specializing in big data. They are actively promoting their own digital transformation plan. “We will use these resources to carry out some financial services” and encourage more companies to join in.
Currently, China’s electricity consumption accounts for a small proportion of total income, but with the continuous expansion of China’s opening-up to the outside world, it will continue to expand in the future.
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