China’s share of global energy consumption is halved

China’s global share of bitcoin mining has declined by half for the first time this April, with Kazakhstan taking third place as its share of mining has risen six times.

The global turmoil in China, the statistical power of making new bitcoins, fell from 75% to 46% of the figure between September 2019 and April 2021, according to a report by the Cambridge Center for Alternative Finance. Next month, Beijing intensified its atrocities on high-energy companies, which have been trying to reduce it for almost a decade.

The data also provides an initial assessment of Chinese migrants to Xinjiang in the west, who rely mainly on coal-fired power plants, in the southern part of the country to be able to use affordable electricity during the rainy season.

The expulsion of miners from China makes it difficult to keep track of how electricity is used, however, because the new mining industry is experiencing a special impact on electricity generation.

“I think [that growth] makes things even more difficult than before, “says Michel Rauchs, CCAF coordinator. [mining] it can go anywhere, there is no way you can follow it unless you talk there. ”

While cryptocurrency regulators say coins are possible, Elon Musk, Tesla Chief, he withdrew his support in May for allegedly using electricity, dropping billions on cryptomarkets and infuriating millions of economists.

“It is important to note that bitcoin miners are strongly encouraged to create and use high-energy investment capabilities,” said Perianne Boring, founder and President of the Chamber of Digital Commerce, blockchain and cryptocurrency group advocacy.

But in places like Kazakhstan, the growing market for crypto mines relies heavily on oil, which produced about 90% of the country’s electricity last year, according to the US Department of Commerce.

“We see the need for more [for electricity] they are experiencing a proliferation of old-fashioned electricity or recycling of crops that have been depleted because it is no longer profitable, ”says Rauchs.

In the US, the world’s second-largest mining country, with 16.8 percent of the world’s mines, some mines depend on oil. In upstate New York, the independent company Greenidge Generation Holdings turned the coal plant into natural gas in 2017 for mining, promising to use carbon to meet its demands.

Much of Cambridge also shows the length of time that Chinese miners have gone in search of cheap electricity, moving the server fields by car to use cheap electricity in the Sichuan region during the rainy season. During this period, the share of electricity consumption in bitcoin mines increased from 15% to 60% of China’s turmoil. At the same time, the decline in power mining in Xinjiang dropped from 55% to less than 10%.

The experiments of cryptocurrency developers used to create crypto currencies are not new. The CCAF Bitcoin Electricity Consumption index shows that global mines use gigawatts 8 hours a day – or 70 hours of terawatt electricity per year if the rates were the same, slightly higher than Austria’s annual consumption.

These figures are likely to change significantly, however, in line with bitcoin prices. In early April, the average annual beverage consumption reached 130.03 terawatt hours the price of prices rose.

Consumption peaked at 141.28 terawatts in early May when prices returned, before falling to the ground where Musk expressed concern about the digital economy.