As bitcoin has grown in popularity, China has become a tech mecca. If the Chinese bitcoin industry were a country, its total energy consumption would have ranked 12th globally in 2016, ahead of major economies like Italy and Saudi Arabia, according to the study. With specialized hardware and cheap electricity readily available, the country now accounts for over 75% of the bitcoin network’s hash power – the power that a computer or hardware uses to run and solve algorithms that generate new crypto. -change. sums and authorize transactions between them.
“Because the bitcoin mining industry is so new, it hasn’t been properly accounted for and regulated around the world,” Shouyang Wang, study co-author and academy professor, told CNN Business. Chinese science.
Bitcoin mining hardware has evolved as cryptocurrency’s popularity has grown time. When it was first mined bitcoin went through a basic central processing unit (CPU) on a general-purpose computer, according to the study’s authors.
The process then evolved and moved to graphics processing units (GPUs), which offered more power, higher hash rates, and ultimately more power consumption. Finally, Application Specific Integrated Circuits (ASICs) were introduced to optimize calculations related to mining.
The growth of these emissions could have massive implications for the entire planet.
“It is important to encourage miners to move their operations to clean energy areas,” Wang said. “That is why it is important to build and modernize clean energy power generation facilities to ensure consistent power generation.”