Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
A major Chinese bitcoin mining hub is shutting down its cryptocurrency operations
#1
[Image: 106800220-1605883890880-gettyimages-8918...=740&h=416]

  • China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on the energy-consuming operation.
  • Bitcoin mining consumes an estimated 128.84 terrawatt-hour per year of energy, more than entire countries such as Ukraine and Argentina.
  • Inner Mongolia alone accounts for around 8% of all bitcoin mining globally, more than the United States which accounts for 7.2%.
[*]
GUANGZHOU, China — China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on energy-consumption.


Bitcoin is based on a decentralized network, which means it’s not issued by a single entity like a central bank. Transactions, recorded on a public ledger called the blockchain, need to be “verified” by miners.

These miners run purpose-built computers to solve complex mathematical puzzles that effectively allow a bitcoin transaction to happen. The miners receive bitcoin as a reward and that is the incentive.


- More -
Reply


Messages In This Thread
A major Chinese bitcoin mining hub is shutting down its cryptocurrency operations - by superadmin - 03-02-2021, 03:10 PM

Forum Jump:


Users browsing this thread: 1 Guest(s)