Copy link
Increase text size
Decrease text size
Link copied

Bitcoin (BTC) mining concentrated in areas with excess unused energy, says Coin Metric co-founder

Nic Carter published an article rebutting some of the claims made by those against Bitcoin mining.

Image by 3D Animation Production Company from Pixabay

Thu, 01 Apr 2021, 13:49 pm UTC

With the soaring prices of cryptos such as Bitcoin (BTC) and Ether (ETH), cryptocurrency mining has become a very profitable enterprise. This prompted some to raise their concerns over Bitcoin mining claiming that the power-intensive activity could cause an environmental disaster.

However, Coin Metrics co-founder Nic Carter expressed his disagreement over some of the claims made by those against Bitcoin mining, according to Cointelegraph. Carter challenged these claims in a well-researched article, which is also a response to a Bloomberg article titled “Bitcoin miners are on a path to self-destruction” by Noah Smith.

One claim that Carter countered was that Bitcoin is unique in that a rise in its price will result in a greater energy draw. “But Bitcoin’s high price may now be leading to new problems for the cryptocurrency, because, unlike other financial assets, Bitcoin uses more resources as its price goes up,” the Bloomberg article stated. However, Carter rebutted this claim by saying that BTC is just like gold where higher prices result in greater mining activity and energy consumption.

The Coin Metrics co-founder also addressed the claim that Bitcoin mining hogs local power resources which could affect local customers. Carter countered by producing figures that show Bitcoin mining is concentrated in locations that have excess unused electricity.

For example, most of China’s crypto mining activities occur in Xinjiang, Sichuan, Inner Mongolia, and Yunnan, which accounted for 63 percent of the total Bitcoin hashrate from the fourth quarter of 2019 to the second quarter of 2020. However, these four provinces produce electricity from a combination of solar, coal, wind, and hydro resulting to an oversupply of energy due to the low population density in these areas.

In fact, China had to curtail or remove an average of 100 TWh of excess energy from the grid in previous years just to maintain price levels. “Suffice to say, there’s enough nonviral energy out there to run Bitcoin many times over,” Carter pointed out. “It’s just a matter of deploying hashrate in the right locations, which miners are doing — aggressively.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Donald
  • 2021.05.15 02:52:48
How I recouped stolen crypto currency coins and tokens from scam hackers on telegram: People all over the world are hearing about the fast profits early investors are making on Bitcoin and other coins and want to join the party and make a fast profit. But be sure, where big money is, there are also companies that are abusing and taking advantage of this situation. Such was my situation, I had a fake telegram group admin contact me and gave me a phishing link in which my 12 recovery phrase was compromised. These evil persons gained access to my cryptowallet and stole all my coins and tokens worth over $ 230,000. I was in great despair due to this situation, I was confused till a group member on the telegram referred me to REMOTESPYTECH @ GMAIL . COM . This recovery agent is really God sent. After relating all of my predicaments, details of incidence and necessary requirements for my recovery program, it took them less than a week to track and recover all of my tokens and coins back, they helped me hack the perpetrators wallet and all of my coins were returned to me. I am so amazed, joyous and appreciative. I don't know what I would do without this specialist. They specialize in chargeback disputes and their team knows how to identify these types of scams. If you invested in Crypto and believe you have been scammed contact their experts today and they will help you recover your losses. Contact: [email protected] or TEXT/ CALL :+1 435 287 4596

Goodluck
  • 0
  • ·
  • 0
  • christalice
  • 2021.04.30 12:52:52
I have seen and tried different strategies and methods, until I lost a lot of money trying it. It was not until I presented this new strategy that I started up again and managed to recover my lost money and still achieve constant growth in my trade. Mr Oliver Donald is an incredible professional, with vast experience and a deep knowledge of agricultural negotiation, he helps me to accept the financial sanction. I have earned over $54,000 within three months of trading with him. Do not hesitate to contact him because he is a good marketer to invest with when you want to invest in cryptocurrency.

* Invest $ 300 and earn $ 3,000 per week
* Invest $ 600 and earn $ 6,000 per week
* Invest $ 1,000 and earn $ 12,000 per week
* Invest $ 2,500 and earn $ 30,000 per week

all in weekly earnings and 100% guaranteed. (Guaranteed payments) Do not hesitate to contact Mr Oliver Donald if you are interested. email:  [email protected] . com    WhatsApp +1 (720) 466-3701  
  • 0
  • ·
  • 0
  • Moses
  • 2021.04.26 04:45:38
I am a crypto currency trader and i make over 200% daily trading all day and night and also by passing even when market is down and others are resting , If you are interested, I can teach you how to trade and also help you achieve your goal in life with crypto i can turn 4 btc into $340,000.00 in less than four weeks, now that bitcoin has high prices...please note that crypto currency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins , bitcoin can also be traded for Ethereum, Litecoin, United States Dollar, Ripple, Euro, IOTA, and other stocks you need to put to trading on a daily basis with a very correct strategy and a target of profit as you get into the trading market with your capital. Also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 or [email protected]
  • 0
  • ·
  • 0
More
  • Bitcoin (btc) $39,193.00 (-6.04%)
  • Ethereum (eth) $2,575.07 (-0.95%)
  • Tether (usdt) $1.00 (-0.01%)
  • Binance Coin (bnb) $330.09 (-3.20%)
  • Cardano (ada) $1.31 (-4.06%)
  • Bitcoin (btc) $39,193.00 (-6.04%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft