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Mining cryptocurrency has become something of an arms war. Back in 2009, when Bitcoin was first introduced, a simple PC was enough to mine some of the cryptocurrency.
Chinese miners relied on cheap coal power in Xinjiang and Inner Mongolia during late autumn, winter and spring, migrating to regions with overcapacities in low-cost hydropower (like Sichuan and Yunnan) between May and October. [9] After China banned bitcoin mining in June 2021, its mining operations moved to other countries. [6]
Studies have estimated the total energy consumption of cryptocurrency mining. [28] The PoW mechanism requires a vast amount of computing resources, which consume a significant amount of electricity. 2018 estimates from the University of Cambridge equate bitcoin's energy consumption to that of Switzerland .
The high cost required to reach this level of computational power secures the bitcoin blockchain. [ 74 ] Bitcoin mining's environmental impact is controversial and has attracted the attention of regulators, leading to restrictions or incentives in various jurisdictions . [ 79 ]
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The ban will be enforced during the winter months in three regions near Lake Baikal, where cryptocurrency mining has flourished in recent years due to the low cost of electricity, primarily ...
In March 2018, the city of Plattsburgh, New York put an 18-month moratorium on all cryptocurrency mining in an effort to preserve natural resources and the "character and direction" of the city. [75] In 2021, Kazakhstan became the second-biggest crypto-currency mining country, producing 18.1% of the global exahash rate.
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