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However, Xinjiang and Inner Mongolia make up a meaningful portion of hashrate (see sidebar) and both have historically used cheap, plentiful coal power for energy production. In recent years, although mired in controversy for human-rights abuses (even tied to the renewable energy industry), Xinjiang has made meaningful strides towards renewable energy production. In Inner Mongolia, Bitcoin mining has been shut down. Under a scenario where miners relocate, miners will either settle in areas with excess hydroelectric capacity (given China has overbuilt its hydroelectric production capabilities) or in areas that mainly use coal energy, at risk of being relocated again if continued Chinese Bitcoin mining shutdowns occur. Source: https://cbeci.org/mining_map SIDEBAR: What is hashrate? The Bitcoin “hashrate” refers to the total computational power that is being used to mine and process Bitcoin transactions. Higher network hashrate implies greater security and growing hashrate is indicative of miner optimism and additional capital investment in computing power. Bitcoin’s hashrate recently reached an all-time high on April 6, 2021. Hashrate is expressed as a number of hashes per second (h/s). A hash is an algorithm that converts an input of letters and numbers into an encrypted output of a fixed length. Given the size of the Bitcoin network, hashrate is typically expressed in terahash (TH/s) or petahash (PH/s) which represent 1 trillion and 1 quadrillion hashes, respectively. Hashrate is usually presented as a moving average to smooth out datasets and give a better picture of long-term network health. Determining the hashrate is not exact. There are too many miners operating all over the world to accurately determine how much computing power is being used. Instead, hashrate is estimated by taking the expected rate of finding a block and comparing it to the actual rate of finding a block given the current difficulty (a parameter of the Bitcoin network that measures how hard it is to construct a valid block). Although this is the industry standard, some are searching for more precise measurements employing statistical analyses. For further reading, refer to the CoinDesk explainer “What Does Hashrate Mean?.” 8 Does Bitcoin Have an Energy Problem?PDF Image | Does Bitcoin Have an Energy Problem
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