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Does Bitcoin Have an Energy Problem? 9 Source: https://cbeci.org/mining_map. Note: Use of VPNs to hide location may distort distribution On its path to energy independence, China recognized the need to build out hydroelectric production capabilities since its coal reserves did not suffice. Building hydroelectric dams was also an effective means for bringing electricity to poor rural areas not connected directly to the power grid. China quickly and impressively overbuilt its hydroelectric production to the point where China is now worried about electricity surplus in certain locations. In fact, provinces in China reportedly waste a lot of potential hydroelectric power, especially during the wet season. Some 30 TWh goes unused in Yunnan and Sichuan hydroelectric production capacity more than doubles the capacity of its energy grid. This sets the stage for Bitcoin miners to come into these areas and use otherwise wasted energy. China committed to lead the world in renewable energy development through its 2016 - 2020 Five Year Plan and planned to cap coal use to less than 58% of energy consumption; the United States depends on coal for ~19% of energy consumption as a reference point. While it remains to be seen if China will succeed in this, China is the world’s biggest investor in renewable energy and has consistently brought on the most new annual renewable energy capacity in the world since 2019. China’s most recent 2021 - 2025 Five Year Plan, strengthened the commitment by setting a 18% reduction target for carbon intensity and Chinese President Xi Jinping committed to achieve carbon neutrality by 2060. While Chinese Bitcoin mining dominance has consistently trended down each quarter since 4Q2019, China still boasts two thirds of total hashrate, so substantial investment in mining equipment in other countries will need to occur to take market share from China. That investment has revealed itself as of late as Bitcoin mining operations have sprung up or announced expansion with a focus on North America-based mining. In practice, Bitcoin miners typically participate in mining pools in order to smooth out income. Mining pools allow a lot of different miners to contribute to generating a block and the reward is then split among them according to their processing contribution. North American miners have historically used mining pools based in China, but this is changing as new mining pools emerge in North America.PDF Image | Does Bitcoin Have an Energy Problem
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