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Mining is extremely reliant on basically zero cost energy given how efficient the network is. Something like coal only makes sense in corrupt countries like Chi
by monero-xmr 3y ago
Mining is extremely reliant on basically zero cost energy given how efficient the network is. Something like coal only makes sense in corrupt countries like China where the bureaucracy is in place to make an unneeded coal plant, with no industry required for it. So the officials can mine Bitcoin and pocket the money. But in a real free market this is wildly unprofitable.
- px43 3y agoNumbers are spotty now for all sorts of reasons, but from the latest numbers I'm seeing, about 20% of bitcoins are still being mined in China (despite it being illegal) and 60% is being mined with renewables. China is building out hydro plants way faster than they're building coal plants. https://factsanddetails.com/china/cat13/sub85/item323.html https://factsanddetails.com/china/cat13/sub85/item323.html