China’s bitcoin blockchain operation on a large scale could be a potential threat to undermines global sustainable efforts due to a lack of practicable policies and appropriate interventions.
Mining more than 75% of bitcoins in China due to extremely cheap electricity and unchallenging access to the hardware manufacturers making this nation as big as one of the ten largest cities in generating bitcoin carbon footprints that could be against china’s kinship to become more environmentally friendly.
Relying on Blockchain technologies as a shared database of transaction and the network that is secured by miners who use high power computers consume an enormous amount of electricity will be generating 130.5m metric tons of carbon emissions by 2024, very close to the annual greenhouse gas emissions of Italy or oil-rich Saudi Arabia and on the other hand, buying Bitcoin clearly makes an investment portfolio less green, and places bitcoin as the number 6 of the highest emitting company in the world that will be contributing to environmentally damaging and global warming.
Currently, crypto-mining hosting services and the sale of crypto mining machines in China are suspended by numbers of the largest crypto exchange, payment, and mine operator companies. So a concern here is whether or not this can be resulted in determining government interventions and serious consideration to operate this activity in a regulated and lawful space.