China’s crypto crash creates fear of BTC miners

China’s crypto crackdown raises concerns about illegal BTC mining practices as a senior scientist calls for coordinated global crackdown on bitcoin mining, as we read more in our latest crypto news.

China’s crackdown on BTC mining has resulted in a sharp drop in the hash rate and is used to outline adverse environmental aspects of the most popular cryptocurrency, but the consequences remain unsolved, according to the UK senior scientist. Pete Howson, a senior lecturer in international development at Northumbria University in the UK, says China is embarking on a global arms race in BTC mining equipment that will have devastating effects and could be prevented by coordinated global crackdown.

China produces a large amount of cheaper water power in Sichuan Province, which was once the epicenter of cryptocurrency mining. Roughly 70% of miners are based in China, but initially, the mining bans imposed in Sichuan meant that this was pretty much the limit for Howsen-backed BTC miners. As a result, mines have been moved to places like Kazakhstan, where 97 percent of electricity is generated from fossil fuels like coal. Another destination is Texas, where there was a major power outage prior to emigration that killed more than 100 people. However, the massive outflow of BTC miners is expected to make things a lot worse.

Miami has tried to attract more miners with nuclear power plants, but Howsen believes the policymakers influencing these moves have not addressed the problem of higher energy prices and poor health: poverty is consuming more nuclear fuel, which is ultimately the average Florida household will endanger. His research shows that mining equipment is sold cheaply by Chinese miners who refuse to move and end up being used for nefarious purposes:

“During the last bear market after 2017, used miners were sold at a steep discount. Now we see the same machines being used by criminals who steal electricity from the grid in the UK and in countries like Abkhazia and elsewhere. “

China’s crypto penetration could have happened earlier, and the matter will only change if the government fails to take action to ban the import of BTC miners and regulate BTC mining like a criminal environment. Howson’s warning is legitimate as environmentally concerned New York lawmakers are pushing for a moratorium on BTC mining in the state. Legislators warned that fossil fuel power plants had previously been shut down and reopened to meet electricity needs. They are used in post-meter operations that exceed past intermittent use and can have a significant negative impact on air quality, especially in greener communities.

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