China is the kingdom of Bitcoin mining, but that could divert the country from its environmental goals. It is estimated that 80% of cryptocurrency mining worldwide takes place in China.
The upsetting thing here is that if this practice continues in China, it is estimated that electricity consumption for this purpose is expected to be the reason why China will not be able to achieve its greenhouse gas reduction targets by 2030.
Experts estimate that 40% of Bitcoin mining sites in China still rely on coal for energy, while the remaining 60% rely on renewable energy sources. By 2024, China’s Bitcoin mines are estimated to have burdened the country’s environment with 130.5 million metric tons of greenhouse gases.
This charge corresponds to the annual gas emissions of a country such as Italy or Saudi Arabia. It is clear that action must be taken on the part of China, if the country is to have any hope of meeting its environmental goals.