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

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


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 Nature.com 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.

Trending: Here We Go Again: Police Shoot 15-Year Old Black Girl in Columbus; Here are the Facts

O’Leary also claimed that institutional investors would soon begin to take notice of the environmental concerns involved

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Thanks for sharing!
Send this to a friend