Representations of virtual currency Bitcoin are seen in this picture illustration. File picture: Reuters/Dado Ruvic
Representations of virtual currency Bitcoin are seen in this picture illustration. File picture: Reuters/Dado Ruvic

Bitcoin mining 'could threaten China's emissions targets'

By Bang Showbiz Time of article published Apr 12, 2021

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A new report has suggested that Bitcoin mining in China could threaten the country's emissions targets.

The world's most populous country hopes its emissions peak in 2030, and by 2060, its intention is to be carbon neutral.

However, new research has suggested that the carbon footprint of the cryptocurrency could derail those plans, with a group of academics warning that its footprint is as large as one of China's ten largest cities.

The study reads: "Without appropriate interventions and feasible policies, the intensive bitcoin blockchain operation in China can quickly grow as a threat that could potentially undermine the emission reduction effort taken place in the country."

Recent research has suggested that China actually accounts for more than 75 percent of global bitcoin mining.

Meanwhile, Tesla bought around $1.5 billion of Bitcoin in January.

The US car company announced the acquisition and revealed that, one day, the firm expects to accept it as a form of payment.

In a stock market statement, Tesla said: "We expect to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis."

The announcement prompted a significant spike in the price of the cryptocurrency.

Indeed, at one point, the price rose by as much as 17 percent.

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