• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 hours Energy Armageddon
  • 7 mins "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 9 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 5 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 5 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 6 days Goldman Betting on Cryptocurrencies
  • 9 days Сryptocurrency predictions
  • 14 days Putin and Xi Bet on the Global South

China's Energy Shortage Threatens Bitcoin Mining

Coal prices in China have risen over the last month as China continues to block coal carriers from entering Chinese ports—and it's causing more than just residential and industrial energy shortages and blackouts.

China's Bitcoin mining is now under siege.

China is attempting to ration its power, but bitcoin mining's unquenchable thirst for high power use is now being threatened by China's standoff with Australia, frozen wind turbines—and Russia's own short supply of coal—that has left sailors and crew stranded at sea for months.

In fact, Bitcoin miners could end up taking the brunt of the rationing, and China hosts most of the world's top bitcoin miners.

And that makes sense because Bitcoin is extremely electricity-intensive, with just a single transaction consuming the power equivalent of as much as one U.S. household does for 23 days, with the carbon footprint of about 54,563 hours of YouTube video watching.

China's coal shortage and increased load from zealous industrial activity have caused widespread blackouts in the Zhejiang, Hunan, Jiangxi, Shaanxi, and Guangdong provinces, triggering cities to impose power use restrictions. The South China Morning Post called the nationwide blackouts the "worst in nearly a deacde".

But the bitcoin factor adds another layer of complexity into the mix, and it's garnering media attention because one bitcoin (BTC) is now worth $27,077, with a market value near $500 billion—mining is big business.

While multifaceted, the root cause of China's coal shortage is its embargo of Australian coal imports as the tension between the two nations has turned into a full-blown trade war—although China denies this is the cause of the power outages.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Fehdman Kassad on December 28 2020 said:
    Very interesting. Thanks!

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News