RT @rootzoll: Inner Mongolia region (China) is starting to kick-out dirty fossil miners (using coal there during hydro dry season). Hydro bitcoin miners still welcome (Sichuan 90% hydro). This is how local communities deal with bitcoin miners the smart way. https://t.co/XctifrNFfr
Sichuan generated 90% of all electricity with renewable energy, by contrast, Xinjiang generated 23% of its electricity with renewables, and Inner Mongolia generated only 16% of its electricity with renewables in 2017.
miners used to opportunistically relocate their mining device in Sichuan to Inner Mongolia/Xinjiang once the wet season (from May to September) in Sichuan comes to an end.
Oh wow, turns out the claims about the bitcoin mines in Sichuan using clean renewable hydro power were slightly exaggerated, what a shocker.
They linked that coinshares research, this is good to know:
>We currently estimate that 60% of global mining happens in China, and that Sichuan alone produces 50% of global hashrate
Time for clean up in Sichuan too :D
You know, this brings up an interesting point that butters always dismiss as fake news.
<60% global mining happens in China.
<China has over 50% hashrate, therefore Bitcoin is effectively controlled by China.
<Bitcoin is supposed to be a currency no nation can control.
Stateless currency of the future right here, guys!
The ‘mining’ industry of virtual currency belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported. The Development and Reform Commission, the Public Security Department, the Department of Industry and Information Technology, the Financial Office and the Big Data Bureau decided to carry out a clean-up and rectification of such enterprises and have them orderly exit from the region.”
Pseudo-financial innovation unrelated to the real economy! Lol! Nailed it. Otherwise known as a financial scheme or a pyramid-like.