China has shown a very hard stance when it comes to crypto mining, part of it has to do with the country’s go-green initiative that the country has to achieve by the end of 2022. One of the reasons is the pressure the economic agencies are facing from the government not to engage with cryptocurrencies over fears of local fiat deterioration. For these reasons, China has got rid of all kinds of Bitcoin and other crypto mining from the country and has issued a strict crackdown against the miners.
The last couple of months have especially been very tough as the hash rate of Bitcoin dropped significantly when Chinese miners pulled the plug on Bitcoin mining. But then things started to look up for Bitcoin, its price factor strengthened, and many notable companies and a country El Salvador has adopted the cryptocurrency, which has made its global image better and stronger. Even Elon Musk came on Twitter to announce the possibility of Bitcoin returning as a transaction method for Tesla if miners agree to use at least 50% renewable energy in the upcoming months or years for Bitcoin mining.
Taking this thing as an initiative and tackling the harsh government steps towards using fossil fuels to power crypto mining, Chinese miners have come forward with an obvious plan to use green energy to power their mining equipment. To tackle the wastage of energy through Bitcoin mining, most mining facilities that operate at an elevated capacity are already in talks with energy companies to obtain a fiscal report regarding the energy spent and overall cost.
Moving forward with this approach, the local miners would be able to change their fossil fuel-produced electricity with either solar or wind-generated electricity, thus cutting down on the wastage of energy and powering their mining needs. While it is not made clear when this initiative will initiate or what is the overall duration in which the whole thing needs to be completed, what is known at the moment is that this thing is real, it is happening and is going to change the process of mining for the good of the environment.
