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<ul><li><keyword id="6289215" type="General" weightage="20" keywordseo="crypto-mining" source="Orion">Crypto mining</keyword> hashrates have touched all time highs in the past few months, despite concerns around energy consumption.</li><li>A global energy crisis has prompted countries like Kosovo, Iran and more to shun crypto miners to prevent power outages.</li><li>China, famously, drove out almost all of its Bitcoin miners in 2021.</li></ul>Despite many countries showing a penchant for cracking down on crypto mining, miners seem to be more resilient than many may have expected. Metrics from various sources show that <a href="https://www.businessinsider.in/investment/news/crypto-mining-pc-enthusiasts-worst-nightmare-or-necessary-evil/articleshow/87390300.cms">crypto mining</a> hashrates have touched all-time-highs, despite various crackdowns by countries over the last year, and leading up to this month. According to <a href="https://www.coinwarz.com/">Coinwarz</a>, which tracks hashrates for various <a href="http://coindcx.com">cryptocurrencies</a>, coins like Bitcoin, Monero, Ethereum and more have hit all-time-highs in terms of hashrates recently. For instance, <a href="https://www.businessinsider.in/investment/news/bitcoin-is-the-newest-tool-in-the-the-battle-against-inflation-heres-why/articleshow/86988710.cms">Bitcoin</a>’s hashrate hit over 205 exahashes on January 15, 2022, while Litecoin, Ethereum, Monero and others showed the same trend. <div type="image" title="5" msid="89013714" hostid="261" caption="&amp;lt;p&amp;gt;Ethereum&amp;#39;s hash rate over the past one year&amp;lt;/p&amp;gt;"></div> Hashrate is the amount of computing power miners are putting into minting new cryptocurrencies. The more people there are mining for a particular cryptocurrency, the higher the hashrate or the difficulty level of mining for the respective cryptocurrency. Such data is usually available for cryptocurrencies that use the proof-of-work (<a href="https://forum.businessinsider.in/t/what-s-the-difference-between-a-proof-of-stake-and-proof-of-work/82">PoW</a>) system, a method in which miners are rewarded for simply providing their computing power for maintaining a token’s network. The highs in hashrate are also confirmed by data tracked by platforms like Glassnode. According to a January 3 <a href="https://www.coindesk.com/tech/2022/01/03/bitcoin-hashrate-mints-new-all-time-highs/">report</a> by CoinDesk, Bitcoin hashrates surpassed previous highs recorded in mid-2021. <div type="image" title="4" msid="89013697" hostid="261" caption="&amp;lt;p&amp;gt;Bitcoin&amp;#39;s hashrate over the last one year&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Mining crackdowns" comment="subhead" text="Mining crackdowns">Mining crackdowns</cmsannotation> The data reinforces something the crypto community has claimed for a long time — that the crypto mining ecosystem is vast and resilient. The crackdowns on mining ecosystems started early last year, with <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crypto-crackdown-is-not-with-bitcoin-mining-only-stablecoins-software-influencers-are-also-on-its-radar/articleshow/84229285.cms">China</a> trying to push out crypto miners from its borders. The country’s National Development and Reform Commission (NDRC) <a href="https://www.businessinsider.in/investment/news/china-crypto-crackdown-bitcoin-mining-added-to-list-of-eliminated-industries/articleshow/86871363.cms">even added</a> <keyword id="1660859" type="General" weightage="20" keywordseo="bitcoin-mining" source="Orion">Bitcoin mining</keyword> to its list of eliminated industries. Amongst the <a href="https://www.thehindu.com/sci-tech/technology/explained-whats-new-in-chinas-crackdown-on-crypto/article36662389.ece">reasons</a> for China’s crackdowns were concerns around the country’s energy consumption, and how crypto mining’s enormous energy usage could hurt its goals for sustainability in future. Things have come to a head in the last two months or so, as an energy crisis that started in Europe has now become a global issue. In response, sovereign states like <a href="https://www.businessinsider.in/investment/news/kosovo-is-the-latest-country-to-ban-crypto-mining-as-it-deals-with-a-power-crisis/articleshow/88951393.cms">Kosovo and Iran</a> to crackdown on crypto mining, while Kazakhastan has been <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-miners-may-push-kazakhstan-towards-nuclear-power-despite-its-uneasy-history/articleshow/87908996.cms">forced to consider</a> nuclear energy in order to deliver power to crypto miners. Yet, as the data cited above shows, crypto miners have remained resilient. Data from the Cambridge Bitcoin Electricity Consumption Index (<a href="https://ccaf.io/cbeci/mining_map">CBECI</a>), a continuous tracker of Bitcoin’s electricity consumption, shows that mining the world’s most valuable cryptocurrency is using about 135 TWh of electricity per year, more than the energy consumed by many small and mid-sized nations. <cmsannotation type="cmsannotation" annotationid="Green mining and repercussions" comment="subhead" text="Green mining and repercussions">Green mining and repercussions</cmsannotation> That said, the numbers may not tell the whole story. China’s crackdown last year led many of its largest exchanges and crypto miners, including Huobi Global, OKEx and many more, to <a href="https://www.businessinsider.in/investment/news/alibaba-binance-sparkpool-and-other-companies-are-avoiding-any-heat-from-china-over-crypto-concerns/slidelist/86587425.cms">shift their hardware</a> outside the country. Which is a sign that miners, too, are looking for favourable locations. Data from the Cambridge Centre for Alternative Finance (<a href="https://www.theguardian.com/technology/2021/oct/14/us-leads-world-in-bitcoin-mining-after-china-crackdown-sends-industry-overseas">CCAF</a>), reported by The Guardian in October 2021, showed that China’s crackdown had made the United States (US) the <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crypto-miners-are-looking-at-texas-amid-the-great-mining-migration/articleshow/83601284.cms">largest base</a> for crypto mining worldwide. The country accounted for 35.4% of total hashrates at the time, followed by Kazakhstan and Russia. At the same time, the mining ecosystem has also been looking to shift to green energy for mining cryptocurrencies. A July 2021 <a href="https://www.livemint.com/market/cryptocurrency/use-of-green-energy-in-bitcoin-mining-jumped-to-56-in-june-quarter-report-11625212165534.html">report</a> from the Bitcoin Mining Council (BMC), an open forum of Bitcoin miners, said that the use of sustainable energy more than doubled during the quarter ended June 2021. About 56% of the energy consumed for Bitcoin mining during the quarter came from green energy. Efforts like this might help ease some concerns, and the share of green energy should grow, with more countries looking to green means of power anyway. El Salvador, which famously became the first country to accept Bitcoin as legal tender last year, had been <a href="https://nypost.com/2021/11/22/el-salvador-to-build-bitcoin-city-at-base-of-volcano/#:~:text=The%20new%20%E2%80%9Cbitcoin%20city%E2%80%9D%20will,from%20crypto%20infrastructure%20company%20Blockstream.">exploring ways</a> to use energy from volcanoes to power Bitcoin mines. While smaller countries may have to shun mining as an industry, many others might be able to power the growing hashrates through green means, while keeping the lights on for other purposes too. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/cardano-jumps-on-the-metaverse-bandwagon-with-pavia-heres-everything-you-need-to-know-about-adas-entry-into-play-to-earn/articleshow/89012262.cms">Cardano jumps on the metaverse bandwagon with Pavia — here’s everything you need to know about ADA’s entry into play-to-earn</a> <a href="https://www.businessinsider.in/investment/news/coindcx-hiring-2000-plus-people-this-year-crypto-coders-developers-product-development-and-other-roles/articleshow/88972086.cms">EXCLUSIVE: CoinDCX plans to hire more than 2,000 people this year — and they are not just looking at coders</a> <a href="https://www.businessinsider.in/investment/news/one-of-the-largest-cryptocurrency-swapping-platforms-just-lost-1-3-million-as-users-failed-to-update-approvals/articleshow/88992186.cms">One of the largest cryptocurrency swapping platforms just lost $1.3 million as users failed to update approvals</a>

Crypto mining continues to grow despite multiple crackdowns

<ul class="summary-list"><li>The US's share of the total <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> hashrate increased from 4.6% to 16.8% from September 2019 to April 2021.</li><li>During the same time period, China's share of the hashrate declined from 75.5% to 46%, before mining restrictions were even imposed. <a href="https://www.businessinsider.com/?hprecirc-bullet"></a></li><li> Data show the ongoing migration of <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> out of China.</li></ul>New data from the <a href="https://www.jbs.cam.ac.uk/insight/2021/new-data-reveals-timeline-of-chinas-bitcoin-mining-exodus/">Cambridge Centre for Alternative Finance</a> (CCAF) shines a light on the state of the opaque <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-energy-cost-environmental-sustainable-consumption-network-profitability-crypto-2021-3">bitcoin mining industry</a> and puts empirical evidence behind the migration of the hashrate out of China. Bitcoin's hasrate is a key measure network health and gauges how much computing power is supporting it. According to the CCAF, the US's share of the total <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> hashrate increased from a mere 4.6% to 16.8% from September 2019 to April 2021. Meanwhile, China's share of total bitcoin mining power declined from 75.5% to 46% in April 2021, before Chinese authorities imposed <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6">mining restrictions</a> across the country. Bitcoin mining experts have touted the benefits of moving a large concentration of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">bitcoin</a> mining out of China: a hashrate that's more spread out across different regions will be decentralized and less vulnerable to the regulations of one country. The CCAF data comes with a caveat that China's decline is in relative, not absolute terms, explained Michel Rauchs, the research center's digital assets lead. From Sept 2019 to April 2021, bitcoin's hashrate nearly doubled, but all of the new hashrate was deployed outside of China. China kept its absolute hashrate at roughly the same level. "This suggests that China had become less attractive for miners to set up shop, for a variety of reasons not covered by our data, long before the crackdown," Rauchs told Insider. He also explained that the US, along with Kazakhstan, has been the largest beneficiary from this change. From Sept 2019-April 2021, Kazakhstan's share of the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">hashrate</a> grew 600%. Meanwhile, the hashrate has continued to move out of China following the country's latest regulatory crackdown. "Following the announcement of the crackdown in June 2021, almost all of China's hashrate has disappeared and is now on the move, looking for existing power capacity overseas that can absorb this huge demand," he said. The CCAF's bitcoin mining data is based on <a href="https://cbeci.org/mining_map/methodology">an extrapolation of a sample of mining pool data</a>. The sample only represents 37% of the total hashrate but the researchers said it "provides a reasonable approximation of the actual hashrate distribution." The research also uncovered empirical data that confirms for the first time that miners in China migrate seasonally according to the availability of hydro-generated electricity. According to the CCAF's data set, in 2020, Sichuan's share of China's total Bitcoin mining power increased from 14.9% at the beginning of the wet season to 61.1% at the peak. Conversely, Xinjiang's mainly coal-powered hashrate share for the same period decreased from 55.1% at the beginning of the wet season to 9.6% at the lowest point. <div type="image" title="bitcoin country graph" height="636" width="736" msid="84447136" hostid="261"></div> <div type="image" title="graph" height="708" width="798" msid="84447137" hostid="261"></div> <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword>, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/twitter-built-on-blockchain-will-let-users-monetise-their-posts-and-come-up-with-their-own-rules/articleshow/84548663.cms">Twitter alternative built on Ethereum will let users monetise their posts and come up with their own rules</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-co-founder-quits-crypto-with-a-big-warning/articleshow/84547141.cms">Ethereum’s co-founder wants to be more than just ‘the crypto guy’ as he exits the industry</a> <a href="https://www.businessinsider.in/cryptocurrency/news/dogecoin-jumps-10-after-elon-musks-twitter-profile-picture-change/articleshow/84544778.cms">Dogecoin jumps 10% after Elon Musk’s Twitter profile picture change</a>

The US has been sweeping up shares of the bitcoin hashrate as miners exit China

<ul class="summary-list"><li><keyword id="6355267" type="UNKNOWN" weightage="60" keywordseo="mining">Mining</keyword> activity on the <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> network has dropped by almost a quarter in the month since <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s crypto crackdown.</li><li>Analysts said the fall could also be the result of an upcoming major upgrade to ethereum.</li><li><keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">Ether</keyword> has tumbled by around 40% since hitting record highs in mid-May. The drop in mining has added to the pressure.<a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest=ingest?utm_source=markets&amp;utm_medium=ingest"></a></li></ul>China's <a href="https://www.businessinsider.com.au/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6">crackdown</a> on <keyword id="6289215" type="UNKNOWN" weightage="60" keywordseo="Crypto-Mining">crypto mining</keyword> has dented ethereum's hashrate, which has fallen at its fastest pace on record in the last month, since peaking in May according to data from <a href="https://ycharts.com/indicators/ethereum_network_hash_rate/chart/#/?annotations=&amp;annualizedReturns=false&amp;calcs=&amp;chartType=interactive&amp;chartView=&amp;correlations=&amp;dateSelection=range&amp;displayDateRange=false&amp;displayTicker=false&amp;endDate=&amp;format=real&amp;legendOnChart=false&amp;note=&amp;partner=basic_2000&amp;quoteLegend=false&amp;recessions=false&amp;scaleType=linear&amp;securities=id:I:ENHR,include:true,,&amp;securityGroup=&amp;securitylistName=&amp;securitylistSecurityId=&amp;source=false&amp;splitType=single&amp;startDate=&amp;title=&amp;units=false&amp;useCustomColors=false&amp;useEstimates=false&amp;zoom=3mpe=single&amp;startDate=&amp;title=&amp;units=false&amp;useCustomColors=false&amp;useEstimates=false&amp;zoom=3m">Y charts.</a>By Wednesday, the rate had fallen by 23% to 492.1 terahashes per second (TH/s) from 643.8 TH/s at the peak on May 20, <a href="https://ycharts.com/indicators/ethereum_network_hash_rate/chart/#/?annotations=&amp;annualizedReturns=false&amp;calcs=&amp;chartType=interactive&amp;chartView=&amp;correlations=&amp;dateSelection=range&amp;displayDateRange=false&amp;displayTicker=false&amp;endDate=&amp;format=real&amp;legendOnChart=false&amp;note=&amp;partner=basic_2000&amp;quoteLegend=false&amp;recessions=false&amp;scaleType=linear&amp;securities=id:I:ENHR,include:true,,&amp;securityGroup=&amp;securitylistName=&amp;securitylistSecurityId=&amp;source=false&amp;splitType=single&amp;startDate=&amp;title=&amp;units=false&amp;useCustomColors=false&amp;useEstimates=false&amp;zoom=3mpe=single&amp;startDate=&amp;title=&amp;units=false&amp;useCustomColors=false&amp;useEstimates=false&amp;zoom=3m">data shows</a>. A lower hash rate means miners have less chance of getting a correct hash, which is the total computational power to mine ether on the network. A drop in the hash rate reflects a fall in the number of miners active in the system. "The global mining landscape is reconfiguring -- both geographically away from China, and into capital-led rather than hardware-led approaches. It is increasingly important for the miners and validators of crypto networks to be uncensorable so that the software systems they support continue to run and perform computation," Lex Sokolin, a developer at ConsenSys a leading ethereum development company, said. <div type="image" title="Ethereum hashrate tumble." height="1253" width="2000" msid="83996709" hostid="261"></div>China began clamping down on mining activity in <a href="https://www.businessinsider.com.au/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6">May</a>. One of the country's state media publications, <a href="https://www.globaltimes.cn/page/202106/1226598.shtml">The Global Times,</a> reported 90% of mining bases for rival coin <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> were going to be shut down, which likely discouraged ether miners. "This kind of drop is unusual, though there were similar falls in late 2018 and early 2019. It could be due to the mining crackdown in China. But equally, hashrate tends to follow price, and price is substantially down over recent weeks as well. It is difficult to disentangle these two causes," Ben Edgington, another developer at ConsenSys, said. Indeed, the ether token has lost almost 40% since May 20 and is trading around $2,105. It's tumbled by more than 50% since hitting a record high of $4,380 on May 12. The Chinese crackdown is not the only factor responsible for the collapse in the ethereum network hashrate. The <keyword id="11061979" type="UNKNOWN" weightage="60" keywordseo="ethereum-2-0">ethereum 2.0</keyword> upgrade is on the verge of winding up. Soon the system will go from proof of work to proof of stake, which means ether tokens do not need to <a href="https://cointelegraph.com/news/eth-miners-will-have-little-choice-once-ethereum-20-launches-with-pos">be mined.</a> Miners will instead become block validators that are awarded more money based on the amount of capital they are willing to work with in the first place. Upgrades for ethereum 2.0 will take place <a href="https://ethereum.org/en/eth2/vision/">until 2022</a> and the idea is that the changes will improve sustainability, security and scalability which is the hash rate the system can handle.

China's crackdown on crypto has led to a 23% decline in ether mining over the last month

<ul class="summary-list"><li><keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">Ether</keyword>'s fair value is around $1,500 based on measures of network activity, a <keyword id="12002884" type="UNKNOWN" weightage="60" keywordseo="jpmorgan" source="Orion">JPMorgan</keyword> strategist has said.</li><li>That's roughly 55% lower than Friday's price of around $3,470 for <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword>'s token. </li><li>Nikolaos Panigirtzoglou said ethereum is facing growing smart-contract competition from other blockchains.</li></ul><a href="https://markets.businessinsider.com/currencies/eth-usd">Ether's</a> fair value is around $1,500 based on measures of network activity, a JPMorgan global market strategist has said. That's roughly 55% lower than Friday's price of around $3,470 for ethereum's token.Nikolaos Panigirtzoglou told Insider that the ethereum network is less attractive than the current price of ether suggests, as it's facing growing competition from blockchains such as <keyword id="11931714" type="UNKNOWN" weightage="60" keywordseo="solana" source="Orion">solana</keyword> and cardano. Panigirtzoglou, who has become JPMorgan's <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> expert, said he and his team have looked at various measures of activity on the ethereum network to try to work out a fair value for the token.JPMorgan reckons that a larger base of miners and users implies greater adoption and makes the network more attractive for product developers."We look at the hashrate and the number of unique addresses to try to understand the value for ethereum. We're struggling to go above $1,500," he said."There is a question mark here. The current price is expressing an exponential increase in usage and traffic that might not materialise."Ether - the cryptocurrency that runs on the ethereum blockchain - has climbed more than 850% in price against the dollar over the last year during a widespread crypto boom.Read more: <a href="https://www.businessinsider.com/crypto-investing-strategy-altcoins-bitcoin-stablecoins-gold-inflation-2021-9">The founder of a gold-backed cryptocurrency breaks down why now is the perfect time for investors to buy stablecoins - and explains his prediction that inflation could become 'even worse than the 1970s'</a>Yet Panigirtzoglou told Insider recently that ethereum's key selling point - that developers can build decentralized apps and smart contracts upon it - "can easily be replicated by other networks.""It's not unique," he said. "You're already seeing competition from binance, competition from solana. And there are going to be more in the future." Panigirtzoglou also cited cardano, which has recently upgraded to allow the <a href="https://markets.businessinsider.com/news/currencies/cardano-ada-alonzo-upgrade-defi-smart-contracts-charles-hoskinson-2021-9">creation of smart contracts</a>.However, Jack O'Holleran, CEO at ethereum development company Skale Labs, told Insider that ethereum is likely to remain the dominant decentralized finance blockchain, especially given upcoming network changes that should help it become larger and faster."The vast majority of smart contract developers are building in the ethereum ecosystem," O'Holleran said. "Despite major partnerships being announced on other chains, we still see the absolute majority of (developers) being pulled into the ethereum vortex."Decentralized finance, or DeFi, uses crypto technology to create financial products that don't require centralized authorities. For example, they could enable trading without clearing houses or "smart contracts" that automatically pay out interest on loans.

Ether should be 55% lower and is facing tough competition from solana and other blockchains, JPMorgan strategist says

<ul><li>A yet to be published report puts <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> amongst the top e-waste generators in the world.</li><li>Bitcoin generates 272 grams of e-waste per transaction processed on the blockchain.</li><li>Bitcoin’s energy consumption in 2021 has already surpassed that of 2020.</li></ul><keyword id="1660859" type="General" weightage="20" keywordseo="bitcoin-mining" source="Orion">Bitcoin mining</keyword> uses a lot of energy — but that’s not the only environmental concern the community has to take into account. According to a new study by <a href="https://www.sciencedirect.com/science/article/abs/pii/S0921344921005103">Science Direct</a>, mining generates as much as 30.7 metric kilotons of e-waste every year as of May 2021. That’s comparable to small IT equipment waste produced by countries like the Netherlands. <div type="ExtQuote" text="“On average Bitcoin generates 272 grams of e-waste per transaction processed on the blockchain.”" auname="Excerpt from Science Direct report"></div> The bigger concern is that, unlike energy consumption which is minimal in comparison to other players, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">Bitcoin</a> amongst the world’s largest e-waste producers — including smartphones which were <a href="https://www.weforum.org/agenda/2021/07/repair-not-recycle-tackle-ewaste-circular-economy-smartphones/">estimated</a> to have contributed 50 million tonnes of waste in 2019, approximately 10% of the total global e-waste in the world at the time. The study indicated that Bitcoin could produce as much as 64.4 metric kilotons of e-waste, overall this year. “E-waste represents a growing threat to our environment, from toxic chemicals and heavy metals leaching into soils, to air and water pollution caused by improper recycling,” said the study. <cmsannotation type="cmsannotation" annotationid="Bitcoin’s energy consumption hasn’t reduced — its just moved out of China" comment="subhead" text="Bitcoin’s energy consumption hasn’t reduced — its just moved out of China">Bitcoin’s energy consumption hasn’t reduced — its just moved out of China</cmsannotation> Such large amounts of e-waste could be troublesome for the world’s largest <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">Bitcoin miners</a> who have already run afoul of regulators in countries like China. According to a new <a href="https://cointelegraph.com/news/2021-s-btc-energy-use-passes-2020-s-new-study-suggests-each-tx-produces-272g-of-e-waste?utm_source=Telegram&amp;utm_medium=social">study</a> from Bloomberg, the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Bitcoin Network</a> has already consumed 91 terawatt-hours (TW/h) within the first of 2021 — surpassing the 67 TW/h it consumed in all of 2021, in line with the 95.68 TW/h consumption estimated by the Cambridge Bitcoin Electricity Consumption Index (<a href="https://cbeci.org/cbeci/comparisons">CBECI</a>). China’s crackdown on Bitcoin miners earlier this year led some of the world’s largest miners, including Huobi Global and BTC.TOP, to halt their operations in the country. While this led to a drop in the total hashrate under 90 million terahashes in July, it has been on the rise since. And, <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crackdown-on-crypto-slashed-competition-for-north-american-bitcoin-miners-and-earnings-are-soaring-to-record-highs-as-a-result/articleshow/85716028.cms">miners in North America</a> have had the post to gain from China’s crackdowns. Blockchain.com <a href="https://www.blockchain.com/charts/miners-revenue">puts</a> the total hashrate at around 132.771 million terahashes right now. To be fair, Bitcoin’s total e-waste production is still only 0.11% of the global estimate, according to Statista.com. However, the fact that platforms like Ethereum and Cardano have been cutting energy consumption by as much as 99% could make statistics like this troublesome for the world’s most valuable cryptocurrency. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/google-apple-and-facebook-may-face-competition-from-ethereum-in-the-battle-for-user-data/articleshow/86194538.cms">Google, Apple and Facebook move aside — Ethereum will offer users control over their data with a new sign-in method</a> <a href="https://www.businessinsider.in/cryptocurrency/news/the-top-three-cryptocurrencies-have-fallen-by-15-percent-in-last-one-week-but-shiba-inu-coins-are-thriving/slidelist/86191614.cms">The top three cryptocurrencies have fallen by 15 percent in last one week — but Shiba Inu coins are thriving</a>

Bitcoin mining isn't just consuming energy, it's also generating 272 grams of e-waste with every transaction

<ul><li>Vietnam’s market had seen a drop in sales of <keyword id="6289215" type="General" weightage="20" keywordseo="crypto-mining" source="Orion">crypto mining</keyword> rigs earlier this year, but is seeing a resurgence now.</li><li>The local vendors and investors attribute the rise in sales to increase in prices across the <keyword id="5290028" type="General" weightage="20" keywordseo="cryptocurrency-market" source="Orion">cryptocurrency market</keyword>.</li><li>While many locals continue to buy Bitcoin and other cryptocurrencies as investments, it is illegal in the country to use private digital currencies as payment.</li></ul>The rise in Bitcoin’s price to above the long awaited $52,000 threshold isn’t just making investors money. It’s also a boon for the companies selling <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> mining rigs — specialised mining equipment — to Vietnam, where regulation around the new financial asset is still in the works. The country, which is one of the hubs for <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> mining around the world, is seeing cryptocurrency mining returning ‘with a vengeance’ after the rally, according to Quang Thuan, a local mining rig shop owner. He told local news agency <a href="https://e.vnexpress.net/news/business/economy/cryptocurrency-mining-rigs-back-in-demand-as-bitcoin-recovers-4351988.html">VnExpress</a> that sales in September have tripled as compared to last month alongside the rise in Bitcoin’s price — at least at his shop in Ho Chi Minh City, Vietnam’s capital. <div type="image" title="BTC_3M_graph_coinmarketcap." msid="86003345" hostid="261" caption="&amp;lt;p&amp;gt;Bitcoin&amp;#39;s price over last three months&amp;lt;/p&amp;gt;"></div> Multiple individuals from the local <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto mining</a> community added that the overall computing power being put towards mining Bitcoin and other currencies has increased. The world’s most valuable cryptocurrency hit the $50,000 price tag around the middle of August and has been surging since, albeit not at 2020 levels. At 1:10 pm Indian Standard Time (IST) , the currency was <a href="https://coinmarketcap.com/currencies/bitcoin/">priced</a> at $52,380.12. <cmsannotation type="cmsannotation" annotationid="Vietnam’s crypto mining boom is happening despite regulatory gray zones" comment="subhead" text="Vietnam’s crypto mining boom is happening despite regulatory gray zones">Vietnam’s crypto mining boom is happening despite regulatory gray zones</cmsannotation> The trend, to be fair, isn’t particularly unsurprising. Research firm Finder recently <a href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms">reported</a> that Vietnam had the largest percentage of crypto ownership around the world. The country was followed by others like Indonesia, India, Malaysia and Philippines. But, of the top five, Vietnam was the only country that had a history in crypto mining. Back in 2017, the country imported more than 7,000 rigs. Ironically, most of the rigs came from China. Currently, the use of cryptocurrencies to make purchases is illegal in the country.The central bank has repeatedly issued warnings that investing in cryptocurrencies increases the risk of falling prey to pyramid schemes and other scams. <div type="ExtQuote" text="“The use of Bitcoin as a means of payment in Vietnam is a violation of the law and may be subject to administrative or criminal sanctions.”" auname="Warning statement by the State Bank of Vietnam"></div> The locals, however, still choose to invest in various cryptocurrencies from Bitcoin to Chia coin. In February this year, during the pandemic, many internet cafes in the capital city switched over to cryptocurrency minings with footfall dropping drastically. <cmsannotation type="cmsannotation" annotationid="Bitcoin is playing hard to get again" comment="subhead" text="Bitcoin is playing hard to get again">Bitcoin is playing hard to get again</cmsannotation> After China’s clampdown on cryptocurrency mining across select provinces in the country, it had temporarily gotten easier to mine for Bitcoin. There were less people on the network, so Bitcoin adjusted its ‘hashrate’ to make itself easier and more profitable to mine. However, by August, the free ride was over. During the scheduled bi-weekly update, Bitcoin reset how tough it is for miners to mine — making it more difficult by 7.3%. This was the first signal that some of the miners that used to be in China are starting to settle into their homes overseas. Currently, the network difficulty stands at 17.615 terahash (t) — around halfway between the 25.046t highs of May and 13.673t lows of July. <cmsannotation type="cmsannotation" annotationid="Others are betting to gain from China’s loss" comment="subhead" text="Others are betting to gain from China’s loss">Others are betting to gain from China’s loss</cmsannotation> Crypto miners, many of whom used to be based in China till even the early months this year, had started moving out of the country around April. The Chinese government’s crackdowns on the mining industry have been well documented, and have also led to a rise in revenues for mining farms in North America. Revenue reports from firms like <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crackdown-on-crypto-slashed-competition-for-north-american-bitcoin-miners-and-earnings-are-soaring-to-record-highs-as-a-result/articleshow/85716028.cms">Bitfarms</a> in Canada, have shown as much as 29% between the months of April to June this year. With a crypto bull run expected again, it’s likely that the sale of rigs in these countries will increase too. The California-based tech giant Nvidia missed its targets for GPUs designed specifically for crypto mining. It’s hoping to get out of the slump with Bitcoin crossing $53,000. <cmsannotation type="cmsannotation" annotationid="Multiple reasons to hope for a bull run" comment="subhead" text="Multiple reasons to hope for a bull run">Multiple reasons to hope for a bull run</cmsannotation> On August 20, blockchain-analytics platform Glassnode had <a href="https://www.businessinsider.in/investment/news/the-bitcoin-indicator-that-signaled-a-bull-run-the-last-four-rallies-has-been-spotted-again/articleshow/85478984.cms">reported</a> that a ‘golden cross’ between the 30-day and 60-day moving averages of Bitcoin’s hash ribbon was incoming, raising expectations of a bull run. A golden cross occurs when the average value of an asset in the short term crosses that of its average value in the long term. Other than Bitcoin’s rising prices though, the crypto industry has other reasons to be hopeful. Ethereum’s recent London Hard Fork, an update that rolled out early last month, and brought a new form of mining to <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Ethereum</a>, is expected to bolster use for the token. Similarly, popular token Cardano also introduced proof-of-stake mining with an update recently. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-solana-cardano-and-other-top-cryptocurrencies-to-watch-out-for-today/slidelist/85999128.cms">Bitcoin, Solana, Cardano and other top cryptocurrencies to watch out for today</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-daily-issuance-just-went-negative-for-the-first-time-following-the-network-overhaul-that-burns-coins/articleshow/85981171.cms">Ethereum's daily issuance just went negative for the first time, following the network overhaul that burns coins</a> <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-exchange-ftx-quickly-starts-charging-users-500-to-mint-their-own-nfts-after-being-spammed-with-images-of-fish/articleshow/85980312.cms">Crypto exchange FTX quickly starts charging users $500 to mint their own NFTs after being spammed with images of fish</a>

Crypto mining rigs selling with a ‘vengeance’ in Vietnam despite regulatory gray zones

<ul><li>Authorities in Venezuela recently seized more than 100 miners for allegedly operating a <keyword id="1660859" type="General" weightage="20" keywordseo="bitcoin-mining" source="Orion">Bitcoin mining</keyword> farm without the relevant permits.</li><li>In Iran, the state power company has warned that <keyword id="12463968" type="General" weightage="20" keywordseo="illegal-crypto-mining" source="Orion">illegal crypto mining</keyword> operations will cause at least 10% of the power outages this winter.</li><li>Despite regulation coming into place, illegal mining for cryptocurrencies continues to thrive in countries with cheap electricity as miners look to expand their profit margins.</li></ul>Regular mining and mining for cryptocurrencies may not be the same thing, but they do have something in common — illegal mining of both takes a toll on the environment, the economy, public order and governance. In Venezuela, which also has a history of illegal mining for gold, the government seized more than 100 miners from an underground Bitcoin mining operation this month. According to <a href="https://morocotacoin.news/venezuela/la-sunacrip-junto-a-otras-autoridades-venezolanas-incautan-equipos-de-mineria-digital-clandestina/">local media</a>, the authorities were able to track down the perpetrators because of the toll they were taking on the power grid, the National Electric System (NES). Similar incidents have come to light in Iran, <a href="https://www.businessinsider.in/cryptocurrency/news/watch-malaysian-police-use-a-steamroller-to-crush-1069-bitcoin-mining-rigs-worth-1-3-million/articleshow/84549421.cms">Malaysia</a>, the UK, and other countries around the world. Kazakhstan, which saw an influx of crypto miners after China’s ban, is also mulling over introducing regulations to <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-miners-are-taking-a-toll-on-power-grids-in-russia-iran-kazakhstan-belarus-pushing-for-regulation/articleshow/87132961.cms">separate the crypto miners from other power users.</a> The Asian Dragon’s ban has also resulted in the US becoming the top destination for <a href="http://coindcx.com">Bitcoin</a> miners, according to the Cambridge Bitcoin Electricity Consumption Index (<a href="https://cbeci.org/mining_map">CBEC</a>). As of September 2021, Bitcoin miners in the US accounted for one-third of the cryptocurrency’s hashrate — the amount of computational power going into mining for Bitcoin. <div type="image" title="PubG - Crypto (10)" msid="87505276" hostid="261" caption="&amp;lt;p&amp;gt;The US accounts for one-third of the Bitcoin hashrate after China&amp;#39;s ban on crypto mining&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="The exploitation of cheap electricity" comment="subhead" text="The exploitation of cheap electricity">The exploitation of cheap electricity</cmsannotation> Just as illegal mining for precious metals increased as prices rose — the same can be seen in the crypto universe too. In most cases higher prices attract more miners and more miners means a higher demand with the same supply, which in turn, leads to an increase in prices as the cycle continues. Moreover, the <keyword id="6289215" type="General" weightage="20" keywordseo="crypto-mining" source="Orion">crypto mining</keyword> industry competes on low margins. And, the biggest variable in running a profitable operation is the cost of electricity. This is why countries seeing a large amount of cryptocurrency mining are the same ones that offer electricity at cheap rates. In most places, this is because the rates are subsidised to keep power affordable. Venezuela, for instance, introduced new regulation to make cryptocurrency mining legal in September this year. However, one month later, the country’s <a href="https://twitter.com/VTVcanal8/status/1283503232636145667">Minister of Habitat and Housing</a>, announced that the government is banning mining operations in any low-income neighborhoods that have subsidised electrical costs. Kazakhstan, another country with cheap electricity prices, is tracking down ‘grey’ or illegal miners to weed them out from the ‘white’ or permitted miners. While the President, <a href="https://moderndiplomacy.eu/2021/11/02/president-of-kazakhstan-gives-green-light-to-cryptocurrency-mining/">Kassym-Jomart Tokayev</a>, seems to have no qualms about cryptocurrency miners, it was earlier reported by <a href="https://eurasianet.org/kazakhstan-to-restrict-crypto-miners-amid-power-shortages">Eurasianet</a> that the country’s national grid is rationing electricity and targeting cryptocurrency mining farms in the process due to their high power consumption. <cmsannotation type="cmsannotation" annotationid="The question of demand and supply" comment="subhead" text="The question of demand and supply">The question of demand and supply</cmsannotation> In Iran, where the supply of electricity seasonally falls short of demand due to extreme temperatures during winter and summer, illegal cryptocurrency mining has only made matters worse. Just like in Venezuela, miners can get permits for crypto mining from the government in Iran. However, illegal mining operations continue to thrive — including one in the basement of the <a href="https://cointelegraph.com/news/tehran-stock-exchange-ceo-resigns-following-discovery-of-bitcoin-miners-in-basement">Tehran Stock Exchange</a>. Iran had <a href="https://www.businessinsider.in/cryptocurrency/news/iran-bans-crypto-mining-for-the-summer-ahead-of-peak-electricity-demand/articleshow/82975646.cms">banned</a> cryptocurrency mining for four months during the summer because of the toll on the power grids. After getting the green light to restart operations again in October, the state electricity company has warned that the threat from illegal cryptocurrency mining is not yet over. It expects that clandestine cryptocurrency mining will account for at least 10% of power outages this winter, according to a statement published by the official government news agency <a href="https://www.rferl.org/a/iran-power-cuts-cryptocurrency/31502220.html">IRNA</a>. <div type="image" title="PubG - Crypto (11)" msid="87505326" hostid="261" caption="&amp;lt;p&amp;gt;The production of just one bitcoin consumes as much energy as 18 Americans or more than 1,500 Nigerians per year&amp;lt;/p&amp;gt;"></div> With the US fast becoming a hub for cryptocurrency mining, the states of Texas and Washington are in high demand with the lower electricity rates in the country. While a huge chunk of their power generation is done using renewable resources, thus reducing the toll on the environment, concerns remain over supply and demand in the world’s largest economy as well. Texas, for instance, was a victim of a huge power outage crisis earlier this year. In February, more than <a href="https://www.texastribune.org/2021/02/21/texas-power-outage-grocery-stores-greg-abbott/">10 million people</a> within the state were left without any electricity amid freezing temperatures resulting in the <a href="https://www.texastribune.org/2021/03/25/texas-deaths-winter-storm">death</a> of at least 111 people. And, with more Bitcoin miners coming on board, <a href="https://www.governing.com/next/can-texas-power-grid-withstand-cryptocurrency-mining">experts</a> are vary that only only will the prices of electricity increase as a result, but winter shortages could worsen. The more people there are mining for Bitcoin, the more difficult its algorithms are going to become to solve, which means validating transactions — or mining — will lead to the consumption of even more power. It’s one of the primary reasons why Ethereum, the second largest cryptocurrency in the market, is currently moving to the proof-of-stake (PoS) consensus method rather than proof-of-work (PoW). The shift, dubbed as Ethereum 2.0, is expected to reduce mining for Ether (ETH) by 99%. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/cryptopunks-sees-another-bizarre-sale-in-seven-days-this-time-for-an-unreasonably-cheap-price/articleshow/87490463.cms">Another bizarre CryptoPunks' sale in the last seven days — this time for an unreasonably cheap price</a> <a href="https://www.businessinsider.in/investment/news/amitabh-bachchan-nft-collection-hits-520000-all-time-high-for-an-nft-in-india-on-day-one/articleshow/87488171.cms">Bid for Amitabh Bachchan's NFT collection hits $520,000 — all time high for an NFT in India on day one</a> <a href="https://www.businessinsider.in/investment/news/crypto-firm-crosstower-partners-with-south-asian-engagement-forum-to-celebrate-diwali-at-world-trade-center-in-new-york/articleshow/87484056.cms">Crypto firm CrossTower will be celebrating Diwali at the World Trade Centre with fireworks over the Hudson River in New York</a>

Illegal mining for cryptocurrencies remains rampant as miners look to maximise profits with cheap electricity

<ul><li>The impact of <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword>'s real estate giant, <keyword id="907612" type="General" weightage="20" keywordseo="evergrande" source="Orion">Evergrande</keyword>, on the <keyword id="6380571" type="General" weightage="20" keywordseo="crypto-market" source="Orion">crypto market</keyword> shows how <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> are falling short of being ‘digital gold’.</li><li>While investors and traders are looking to keep liquidity on hand, miners have been raking up their reserves over the past 6.5 months — despite <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> getting more difficult to mine.</li><li>Analysts peg that it’s not Bitcoin or other private cryptocurrencies at risk but stablecoins like Tether.</li></ul>The crypto market is volatile, even the slightest bump in the status quo can send the price of the biggest cryptocurrencies — yes, including Bitcoin — through the roof or down in the dumps. So, it’s not surprising that something like China’s real estate giant running out of money to pay off its debt has the world of <a href="https://www.businessinsider.in/cryptocurrency/news/the-crypto-market-is-crashing-for-a-second-time-in-september/slidelist/86390192.cms">cryptocurrencies in a tizzy</a>. According to leading analysts, the downturn in the crypto market is nothing but investors rushing to <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-slides-below-45000-in-a-broad-crypto-sell-off-driven-by-worries-about-the-spillover-from-evergrandes-debt-default/articleshow/86368950.cms">liquidate their crypto funds</a> for fear of China’s crisis disrupting the largest global financial balance. Moreover, professional traders are using the volatility to book profits by buying the dip and selling during recovery. Bitcoin miners, on the other hand, are holding on to their funds for dear life — or HODLing — even as it gets more difficult to mine for the <a href="http://coindcx.com">cryptocurrency</a>. Moreover, it’s not private currencies under attack right now. If any <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> has something to worry about, it’s stablecoins like Tether. <cmsannotation type="cmsannotation" annotationid="Can you really call Bitcoin ‘digital gold’?" comment="subhead" text="Can you really call Bitcoin ‘digital gold’?">Can you really call Bitcoin ‘digital gold’?</cmsannotation> The crypto market has dipped below the $2 trillion market for the first time in two months with leading cryptocurrencies like Bitcoin, Ether, Cardano, Solana and others taking heavy hits. The first downturn was brought on when El Salvador went live with its new Bitcoin Law but the latest crash is due to instability on the other side of the world — China. The country’s real estate giant, Evergrande, has racked up more than $300 billion and is unable to shell out enough for the interest payments. The trouble with this crisis is that the assertion of Bitcoin being ‘<a href="https://www.businessinsider.in/cryptocurrency/news/bitcoins-claim-to-be-digital-gold-loses-its-shine-after-the-token-plunges-alongside-stocks-in-the-evergrande-sell-off/articleshow/86403474.cms">digital gold</a>’ is now in question. The term implies that the cryptocurrency is a safe haven asset that will hold out against market stress or high inflation. Instead, it’s acting more like a company listed on the stock market where investors are rushing to sell to have more cash on hand amid a riskier global financial outlook. <div type="ExtQuote" text="“Yesterday's sell-off is another example of how BTC hasn’t completely decoupled from global financial markets… The goal is to establish a distinction on how the crypto market performs vs the global financial market, but it will take time as more and more financial institutions move part of their portfolios into crypto.”" auname="Iqbal V. Gandham, Vice President of Ledger, a blockchain-based security solution, told Business Insider in a statement"></div> To make it worse, as the crypto market was falling, the value of gold and government bonds was on the rise. Advocates of cryptocurrency argue that Bitcoin and its fellow cryptocurrencies are still relatively young — their volatility is likely to decline as the market grows and matures. <div type="ExtQuote" text="“Examples of systemic growth are better predictors of future performance than the price of Bitcoin alone. But because of increased regulation, attention, and broad adoption — we will continue to see everyday investors and financial institutions utilize cryptocurrencies and validate the underlying value proposition of digital assets over the long term.”" auname="Bobby Zagotta, US CEO of crypto exchange Bitstamp, told Business Insider in a statement"></div> <cmsannotation type="cmsannotation" annotationid="HODLers gonna HODL" comment="subhead" text="HODLers gonna HODL">HODLers gonna HODL</cmsannotation> One would think that with Bitcoin’s price going down, again, it is getting more difficult to mine — its hashrate increased for a fifth consecutive week — miners would be looking to get rid of the Bitcoin in their coffers as well. However, crypto analytics firm Glassnode, notes that miners have been holding onto their reserves. “Miners have accumulated 14,000 BTC in unspent coinbase rewards over a 6.5 month period,” said the weekly report. <div type="image" title="4" msid="86422727" hostid="261" caption="&amp;lt;p&amp;gt;&amp;quot;In a continued display of network resilience, Bitcoin hash-rate has climbed again this week, reaching approximately 137 Exahash on a 7-day MA basis,&amp;quot; said Glassnode&amp;#39;s report date September 20.&amp;lt;/p&amp;gt;"></div> And, even with the difficulty to mine for Bitcoin on the rise, it’s still 58% away from its peak in May. According to the company's weekly report, this means that around a quarter of the miners seen during the all time high continue to remain offline. <div type="image" title="3" msid="86422734" hostid="261" caption="&amp;lt;p&amp;gt;&amp;quot;A moderate spend of around 1,360 BTC occurred in late August, however the uptrend in miner unspent supply appears to be back in play,&amp;quot; said Glassnode&amp;#39;s report dated September 20&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Which cryptocurrency is really at risk here?" comment="subhead" text="Which cryptocurrency is really at risk here?">Which cryptocurrency is really at risk here?</cmsannotation> Analysts told <a href="https://www.cnbc.com/video/2021/09/21/evergrande-crisis-could-drag-down-tether-and-other-cryptocurrencies.html">CNBC</a>, it’s not private cryptocurrencies like Bitcoin and Ethereum that people need to worry about but stablecoins like Tether. The cryptocurrency is used by investors to buy and sell other cryptocurrencies quickly without having to leave the exchange. And, while Tether is a stablecoin where its ratio to the dollar is 1:1, it’s not backed directly by the fiat currency. Instead, it is backed by commercial paper — short term debt issued by companies to raise funds — most of which is out of China. Even though the company did come out to say that it doesn’t have any exposure to Evergrande, there are still other Chinese companies that may be at risk due to the ripple effect put into motion by Evergrande’s downfall. The silver lining is that, as expected, the Chinese government has come to Evergrande’s rescue. The central bank has <a href="https://twitter.com/economics/status/1440523956297945094">injected 120 billion yuan</a>, which is around $19 billion, into the banking system in hopes of bailing out the property developer earlier today. This is after it already pushed in 90 billion yuan — around $14 billion — on Friday. This is the most the government has pumped in since February, earlier this year. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/three-reasons-why-this-might-be-a-good-time-to-buy-bitcoin/articleshow/86369793.cms">Three reasons why this might be a good time to buy Bitcoin</a>

Evergrande’s impact on Bitcoin highlights how cryptocurrencies still have growing pains

<ul><li>Top crypto exchanges have announced plans to leave <keyword id="1334" type="COUNTRY" weightage="20" keywordseo="China">China</keyword> and set up shop elsewhere.</li><li>The 2021 ban expanded the scope of the ban that China had previously announced on cryptocurrencies back in 2017.</li><li>Banks in China have also said they will be following guidance issued by the central government.</li></ul>When China first announced its crackdowns on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> last month, many brushed it aside, saying it’s the same crackdown the industry saw in 2017. The country had banned initial coin offerings (ICOs) in 2017 and taken more steps to curb the industry. Despite the restrictions, the Asian dragon still rose to become the top cryptocurrency miner in the world. This year things are different. The 2021 crackdowns by China are not of the same tune as the 2017 crackdowns. There were signs that things will be different this time. For instance, Huobi Mall and BTC.TOP, two of the largest crypto miners in the world announced their exit from China the day after the crackdowns were announced. Here’s what has changed over the last four years — China’s isn’t pulling its punches this time As <a href="https://www.reuters.com/world/china/what-beijings-new-crackdown-means-crypto-china-2021-05-19/">reported</a> by Reuters earlier, the 2021 ban ‘greatly expanded the scope’ of the ban issued in 2017. Simply put, it covers crypto-related services that weren’t included in the original ban. The new regulations don’t just stop banks and other financial institutions from doing business with <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> and related companies, they also make it illegal for any institution to deal in cryptocurrencies, for payments, remittances or anything else. The conversion of crypto from and to Yuan was also banned. Moreover, China isn’t pulling any punches. The government called on officials from some of the biggest banks to reiterate its ban on the industry. “The PBOC crackdown is going further than initially expected,” Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, <a href="https://www.aljazeera.com/economy/2021/6/21/bb-bitcoin-falls-10-as-china-intensifies-crypto-crackdown">told</a> Al Jazeera. “Mining was phase one and speculation is phase two,” he added. And, banks have started reacting to this too. The Agricultural Bank of China, which is the third largest bank in the country, <a href="https://www.reuters.com/business/agbank-falls-step-with-chinas-cryptocurrency-crackdown-2021-06-21/">said</a> that it will start following the government’s guidance on the same day. Measurable impact Unlike 2017, there's a measurable impact this time. “Recent news on the China mining shutdown is very reminiscent of China every few years. They’ve banned banks from using bitcoin, but this is actually different. I’ve never seen an exodus like this before,” Darin Feinstein, founder of Blockcap, one of the largest bitcoin mining companies, <a href="https://www.cnbc.com/2021/06/22/bitcoin-drop-below-30000-sparks-fears-of-another-crypto-winter.html?utm_term=Autofeed&amp;utm_medium=Social&amp;utm_content=Main&amp;utm_source=Twitter#Echobox=1624390854">told</a> CNBC. As mentioned before, top exchanges and crypto mines like Huobi and BTC.TOP have already announced plans to leave China. The global hash rate for Bitcoin mining, which is a measure of the amount of computing power being dedicated towards crypto transactions, has also been dropping dramatically. “Longer term, most see hashrate moving out of China as positive — but in the near term may have/has already resulted in inventory sales," <a href="https://www.livemint.com/market/cryptocurrency/bitcoin-drops-as-hashrate-declines-with-china-mining-crackdown-11624233969341.html">wrote</a> Chessman, in an email, recently. The country’s crackdowns have now <a href="https://www.cnbc.com/2021/06/22/china-crypto-crackdown-wipes-nearly-300-billion-off-market-btc-slides.html">wiped</a> over $400 billion of the total digital assets market value. According to Coinmarketcap, the value of Bitcoin fell from $670 billion to $609 billion between June 18 to 22 -- a drop of nearly $70 billion in less than a week. <div type="image" title="wipro share price chart" msid="83802806" hostid="261"></div> While Bitcoin is the market leader, and hence registered the largest drop, Ethereum too fell substantially. The second largest cryptocurrency in the world was pegged at $259 billion on June 18, which stood at $218 billion on June 22. That said, some do still remain hopeful. “We are far from a bear market, only traders are freaking out over technicals seen on exchanges like volumes and price action,” Willy Woo, a popular on-chain analyst and statistician <a href="https://www.cnbc.com/2021/06/22/bitcoin-drop-below-30000-sparks-fears-of-another-crypto-winter.html?utm_term=Autofeed&amp;utm_medium=Social&amp;utm_content=Main&amp;utm_source=Twitter#Echobox=1624390854">told</a> CNBC. 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Here’s how China’s 2021 crypto crackdown in 2021 differs from the 2017 ban

<ul><li>The non-profit led <keyword id="11533780" type="UNKNOWN" weightage="20" keywordseo="crypto-climate-accord">Crypto Climate Accord</keyword> (CCA) seeks to eliminate carbon emissions from the <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> industry by 2030.</li><li>Over 45 companies and individuals have joined the accord so far.</li><li>Countries and large businesses have cited crypto’s energy needs as a major concern in bringing <keyword id="2420795" type="PERSON" weightage="20" keywordseo="cryptocurrencies">cryptocurrencies</keyword> into the mainstream.</li></ul>Bitcoin propagators argue that cryptocurrencies’ carbon emissions are nothing compared to the value they provide. However, their impact on climate change — big or small — is being used as the rationale by different countries, economics, <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvador-asks-world-bank-for-help-implementing-bitcoin-but-quickly-gets-rejected-over-minings-climate-impact/articleshow/83600569.cms">the World Bank</a> and others to dissuade people from the use of digital money. And, the Climate Change Accord (CCA) wants to head off the negative press at the pass. <div type="image" title="bitcoin emissions" msid="83946282" hostid="261" caption="&amp;lt;p&amp;gt;Bitcoin&amp;#8217;s annual greenhouse gas emissions compared to other sources&amp;lt;/p&amp;gt;"></div> The CCA, announced in April this year, aims to limit the pages of history that will talk about the harmful environmental impact of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a>. Led by the private sector players, the consortium wants to transition all blockchains to renewable energy by 2030 if not sooner. And, by 2040, it wants the crypto industry to reach ‘net zero’ emissions — or carbon neutral. This means that greenhouse gases still going into the atmosphere will be balanced out with technology that removes those gases as well. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 451.276pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cryptocurrency </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annualised total carbon footprint </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Compared to annual carbon footprint of the countries </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bitcoin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">62.94 million tons of carbon dioxide </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Serbia and Montenegro </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ethereum </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25.32 million of carbon dioxide </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bosnia and Herzegovina </td></tr></tbody></table>Source: <a href="https://digiconomist.net/ethereum-energy-consumption">Diginomist</a> If achieved, these moon-shot goals could solve a very real problem that may inspire other industries to put their foot to the pedal as well. <div type="ExtQuote" text="“The Accord, inspired by the Paris Climate Agreement, is a private sector-led initiative for the entire crypto community focused on decarbonizing the cryptocurrency industry in record time.”" auname="Definition of the Climate Change Accords according to its creators — the Rocky Mountain Institute, the Energy Web Foundation and the Alliance for Innovative Regulation"></div> <cmsannotation type="cmsannotation" annotationid="What is the Crypto Climate Accord?" comment="subhead" text="What is the Crypto Climate Accord?"><keyword id="11533781" type="UNKNOWN" weightage="20" keywordseo="what-is-the-crypto-climate-accord">What is the Crypto Climate Accord</keyword>?</cmsannotation> Inspired by the <a href="https://www.businessinsider.in/here-are-all-the-countries-that-signed-on-to-the-paris-climate-agreement/articleshow/58936031.cms">Paris Agreement of 2015</a>, the CCA aims to decarbonise the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto</a> industry. The initiative is led by three non-profit companies — the Rocky Mountain Institute, the Energy Web Foundation, and the Alliance for Innovative Regulation. The first two are non-profits focused on sustainability and transition to low-carbon footprints, while the Alliance for Innovative Regulation is an international advocacy group that speaks for the implementation of fair financial systems. <cmsannotation type="cmsannotation" annotationid="Why do we need the CCA?" comment="subhead" text="Why do we need the CCA?">Why do we need the CCA?</cmsannotation> Climate concerns haven’t just been cited by countries, they have also been cited by crypto enthusiasts and billionaires who want to fund the industry. Tesla’s <a href="https://www.businessinsider.in/cryptocurrency/news/after-ditching-bitcoin-elon-musk-is-now-working-on-making-dogecoin-efficient/articleshow/82628521.cms">Elon Musk</a>, for instance, has flip flopped on his company’s plans to deal in crypto owing to climate change concerns. He recently joined hands with Twitter’s Jack Dorsey to sponsor a report which wanted to show how Bitcoin can be part of renewable energy projects. On the other hand, countries like China have cited environmental concerns as one of the chief reasons for their crackdown on the industry. A <a href="https://www.cnbc.com/2021/05/26/major-china-bitcoin-mining-hub-lays-out-harsher-crackdown-measures.html">project</a> by the Cambridge University reported that Bitcoin mining alone can consume about 112.57 terawatt-hours of energy per year, more than the total power requirement of some countries. Even countries like El Salvador, which became the first nation state to legalise Bitcoin earlier this month, has said it’s looking to find clean energy sources for Bitcoin mining within its borders — with <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms#slideid=83634851">volcanoes</a>. <cmsannotation type="cmsannotation" annotationid="What could go wrong?" comment="subhead" text="What could go wrong?">What could go wrong?</cmsannotation> While the CCA will definitely be a boon for the crypto industry, critics wonder whether mining for digital tokes would be the best use of renewable energy. At the end of the day, the same energy could be used to power homes, schools and hospitals. <div type="image" title="world energy demand 2050" msid="83946371" hostid="261" caption="&amp;lt;p&amp;gt;The US Energy Information Administration (EIA) projects an almost 50% in world energy usage by 2050, led by growth in Asia&amp;lt;/p&amp;gt;"></div> There’s also a risk. Right now, Bitcoin’s hash rate is dropping and it is expected that ‘mining difficulty’ will get easier resulting in lower energy consumption. However, if cryptocurrencies see a boom due the use of renewables and more people invest in mining, the underlying difficulty will increase again. An increase would mean more energy consumption. And, that would lead everyone back to square one — using fossil fuels to meet the burgeoning demand. <div type="image" title="world energy generation 2050" msid="83946429" hostid="261" caption="&amp;lt;p&amp;gt;Expected net electricity generation by 2050 barely matches the expected increase in energy demand&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="The crypto industry has no choice but to support the CCA" comment="subhead" text="The crypto industry has no choice but to support the CCA">The crypto industry has no choice but to support the CCA</cmsannotation> No one who is remotely engaged with the technology industry can afford to ignore climate change today. According to <a href="https://www.datacenterknowledge.com/energy/study-data-centers-responsible-1-percent-all-electricity-consumed-worldwide">research</a> published in scientific journal Science this month, data centers accounted for 1% of the world’s electricity consumption last year, and it more than quintupled between 2010 and 2018. Crypto mines are, in essence, single-minded data centers. “We recognise that crypto does use a lot of energy, so let’s make it 100% green,” Jesse Morris, chief commercial officer at Energy Web, <a href="https://www.aljazeera.com/economy/2021/4/27/crypto-climate-accord-bitcoin-greenwashing-or-game-changer">told</a> Al Jazeera. To that end, Energy Web has launched an open-source software solution called <a href="https://cryptoclimacc.medium.com/open-source-green-hashrate-software-solution-will-track-and-verify-green-bitcoin-mining-6b4e9cabe8b">Green Hashrate</a> that will track and verify green Bitcoin mining. But, non-profits aren’t the only ones who recognise the CCA’s benefit, and need. For instance, UK-based global crypto mining firm Argo Blockchain as well as crypto and blockchain company DMG Solutions <a href="https://www.businesswire.com/news/home/20210514005229/en/Argo-Blockchain-and-DMG-Blockchain-Solutions-Sign-Crypto-Climate-Accord">announced</a> their partnership with the CCA last month. Zumo, a company that makes B2B products for crypto firms has also signed up for the accords. “I’m proud to support the Crypto Climate Accord and to collaborate with other like-minded players that believe this technology can lead to a renewable energy revolution through collective action,” Meltem Demirors, CSO of digital asset investing firm CoinShares, <a href="https://www.nsenergybusiness.com/features/crypto-climate-accord/">told</a> NSR Energy earlier. According to the CCA’s website, over 45 companies and individuals from the crypto and related industries have joined the accord as supporters. It is also supported by the United Nations Framework Convention on Climate Change (UNFCCC). <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/the-worlds-largest-crypto-exchange-is-having-a-hard-time-convincing-regulators-with-multiple-bans-piling-up/articleshow/83941711.cms">The world's largest crypto exchange is having a hard time convincing regulators with multiple bans piling up</a> <a href="https://www.businessinsider.in/cryptocurrency/news/google-facebook-and-tesla-crypto-tokens-are-launching-on-crypto-exchange-ftx/articleshow/83885349.cms">Google, Facebook, and Tesla crypto tokens are launching on crypto exchange FTX</a> <a href="https://www.businessinsider.in/cryptocurrency/news/biggest-crypto-heist-of-all-time-free-money-and-tax-on-crypto-transactions-weekly-crypto-round-up/slidelist/83922055.cms">The biggest crypto heist of all time, free money and tax on crypto transactions — here’s what happened in the world of crypto this past week</a>

You Searched For "ethereum hashrate" and got 10 results

Crypto mining continues to grow despite multiple crackdowns

BI India Bureau

The US has been sweeping up shares of the bitcoin hashrate as miners exit China

Emily Graffeo

China's crackdown on crypto has led to a 23% decline in ether mining over the last month

Camomile Shumba ,Harry Robert…

Ether should be 55% lower and is facing tough competition from solana and other blockchains, JPMorgan strategist says

Harry Robertson

Bitcoin mining isn't just consuming energy, it's also generating 272 grams of e-waste with every transaction

BI India Bureau

Crypto mining rigs selling with a ‘vengeance’ in Vietnam despite regulatory gray zones

BI India Bureau

Illegal mining for cryptocurrencies remains rampant as miners look to maximise profits with cheap electricity

Prabhjote Gill

Evergrande’s impact on Bitcoin highlights how cryptocurrencies still have growing pains

Business Insider India

Here’s how China’s 2021 crypto crackdown in 2021 differs from the 2017 ban

BI India Bureau

Here’s everything you need to know about the Crypto Climate Accord — the push to make cryptocurrencies 100% green

BI India Bureau

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