Bitcoin miningChinaCointelegraph.comEnergyEnergy ConsumptionenvironmentMiningMining Pools

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

U.K.-based Argo Blockchain just did record revenues, but a new report suggests 75% of Bitcoin mining still takes place in China, where “blood coin” is made.
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.A recent report by 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.”The investor went so far as to say that from now on, the only Bitcoin he would purchase and deal with would be “clean coin,” that is, Bitcoin sourced from miners who utilize green or renewable energy. O’Leary also claimed that institutional investors would soon begin to take notice of the environmental concerns involved when using Bitcoin, and may soon begin to seek out “virgin” coins i.e. those with their source of production already known and agreed upon beforehand. 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:“We find that without any policy …
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