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China’s Bitcoin Mining Energy Use Drops, FT Reports
China is cracking down on all forms of cryptomining including hydropower mining in Sichuan

(AF) China has seen a decline in its use of energy to create bitcoin, the Financial Times reported, adding that the slide had begun before a recent crackdown on the so-called miners.

Although still the largest user of power to mine bitcoin, China is now – for the first time – responsible for less than half of all energy consumed worldwide to create the cryptocurrency, according to the report, which cited data from the Cambridge Centre for Alternative Finance.

The report also said the data had detected a seasonal shift of miners from the coal-using northwest Xinjiang region to the south, where they tap hydro-electricity produced during the rainy season. It said, however, that tracking mining groups’ energy use had become difficult because many had struck private deals with off-grid power companies.   

Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.

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