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Bitcoin mining in China will exceed energy consumption of 181 countries by 2024, study warns

Bitcoin mining in China will exceed energy consumption of 181 countries by 2024, study warns



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36 Comments

  1. How is Bitcoin decentralized if China runs 75% of the mining? Doesn’t this compromise the network? Doesn’t this open the door for manipulation of the cost and value? Doesn’t this give the CCP control of Bitcoin? There is no such thing as a truly private business in China. The CCP holds controlling interest in all businesses. This is not a good thing for Bitcoin or crypto in general.

  2. Energy consumption increases as Bitcoin’s price increases. If Bitcoin continues on its exponential growth over time, I just don’t see how it will be allowed to continue to consume more and more energy. It gives every single nation state an incredible argument against it, which could ultimately become BTCs greatest existential threat.

  3. Bitcoin is clearly here to stay but the energy consumption and climate impact is a serious concern from many, especially outside of the crypto world. I think we’ll keep seeing this sort of story even post mass adoption. The switch to POS in ETH 2.0 is a good thing but I’m still doubtful bitcoin will ever lose the top spot, so POW mining will continue to be a problem and one of the main critiques of crypto as a whole.

    Edit: Massive transition to renewable energy sources for mining would probably sway some people’s opinion but this is currently the main point of attack for crypto critics and skeptics.

  4. Ultimately, we as a community are somewhat hypocritcal in regards to POW Coins. On the one hand we are advocating Cryptocurrency as a means to build a better, more accessible and equal society & banking system and on the other hand the most successful coins remain to be POW wasting tons and tons of energy which is destroying our planet faster than we realize – and that will of course cost each and everyone of us way more in the end.

    I am not judging anyone who is just in it for the money – but you should take these types of soft factors into account when aquiring and therefore supporting a coin. As with Crypto, we are all in this together and energy consumption is a valid FUD. Also, even if 100% of the mining energy consumption were to come from renewable energy that would still not be great because we could utilize that energy better elsewhere.

  5. According to the University of Cambridge’s 2020 Global Cryptoasset Benchmarking Study, 76 per cent of cryptocurrency miners use electricity from renewable sources. This will likely increase as renewable energy is cheaper than fossil fuels. Energy demand for Bitcoin will peak in 2024 and then slowly drop off as well..

  6. This and the fact china controls most of it is the reason I think we should be moving away from Bitcoin and into PoS protocols. I’m really glad Ethereum is is moving to PoS. It will be so much better for the environment.

  7. If this were accurate, we’d see blackouts and brownouts everywhere. Magically, magically we don’t. Maybe because people are trying to be sustainable about mining and use greener energy sources/renewables? This isn’t a difficult concept. Why pay for power when you can pay less?

  8. Unpopular opinion maybe, but I think BTC needs to shift to PoS to do well in the long term. It is hard to reconcile the energy expenditure when the rest of the world is becoming more climate conscious. I don’t see any distinct benefit of PoW over PoS

  9. Most polluters of the planet buy renewable energy credits from projects not directly tied to their corporate operations to claim that their company is renewable. Bitcoin is actually renewable since it utilizes excess hydro energy that would otherwise be wasted. I wish energy people would write these articles as they are just being used as a scare tactic.

  10. I guess it’s time for the daily Bitcoin FUD from shitcoin enthusiasts.

    Bitcoin is the most decentralized and secure network on the planet. The energy usage is representative of the security and belief in the value of the network. This is a feature, not a bug.

    But sure guys, one day your magical centralized shitcoin that was created out of thin air with a massive premine will take over the world. Having to rely in infura or AWS to run your nodes is not a glaring security flaw that drastically increases centralization and it definitely does not provide a simple attack vector for corporations or governments to exploit.

  11. Why is this such a FUD in the press, btc only has a few million coins left to mine, why aren’t people talking about the rest of the 18million and who owns them, China can only mine about another 2.5 million coins. That’s a pretty small percentage of the total amount.

  12. I think we can all agree PoW has to be phased out at some point. ETH is much more complex than BTC, if they manage to pull it off, BTC should be a breeze to move to PoS

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