Revenues from bitcoin mining in the UK are rising sharply, but China has extracted 75% of “blood coin” production

Bitcoin, established in the United Kingdom (BTC) mining company Argo Blockchain has just recorded the best quarter in its history and generated record revenues for three months. Although a cryptocurrency mining company is emerging in the West, the vast majority of bitcoin production still takes place in China, where cheap coal-fired electricity winds up countless mining platforms.

Recent message reveals that up to 75% of bitcoin mining takes place in China – news that must be hit hard Tank with sharks and Dragon’s Lair investor Kevin O’Leary, who recently identified all bitcoins mined using fossil fuels as “blood coin. “

The investor has gone so far as to say that from now on, the only bitcoin he will buy and trade will be “pure coins,” meaning that bitcoins come from miners who use green or renewable energy.

O’Leary also argued that institutional investors will soon begin to notice environmental concerns about the use of bitcoins and may soon begin to look for “virgin” coins, ie those whose source of production is already known and agreed in advance.

According to scientists from Nature, China’s greenhouse gas emissions from bitcoin mining by 2024 alone will exceed the total emissions of the Czech Republic and Qatar:

“We have found that without any policy intervention, China’s annual bitcoin blockchain energy consumption is expected to peak at 296.59 Twh in 2024, correspondingly generating 130.50 million metric tons of carbon emissions.” Internationally, this emission production would exceed the total annualized production of greenhouse gas emissions in the Czech Republic and Qatar. “

Thanks to cheap energy from fossil fuels and their close proximity to the epicenter of hardware mining in Southeast Asia, bitcoin miners in China dominate the global BTC generation scene.

“Due to the proximity of specialized hardware manufacturers and access to cheap electricity, most of the mining process takes place in China, as miners in the country account for more than 75% of the hashing power of the bitcoin network,” the report said.

In related reports from a closer home, Argo Blockchain only recorded record returns for three consecutive months as the company achieved the best financial quarter yet. Using renewable energy in Canada-based operations centers, Argo generated 387 BTC in the first quarter of 2021, with revenues exceeding £ 13.4 million ($ 18.5 million). At the end of March, the company had a total of 764 BTC.

“I am pleased that Argo has been generating record mining revenues and profits for the third month in a row, making Argo the most powerful since the company’s inception this quarter,” said Peter Wall.

Argo recently announced it would set up a bitcoin mining group of clean energy that would be powered only from renewable water sources.

The scale of China’s “blood coin” production is widely discussed, not to mention denied, in crypto space. Recently, Miami Mayor Francis Suarez he claimed that 90% of bitcoins came from “dirty” energy sources.

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