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Cryptocurrency Miners Fleeing a Chinese Ban, Risk Expanding America's Carbon Footprint
Oct 13, 2021 44 secs
The United States is now the country that leads in cryptocurrency mining following China's ban earlier this year, University of Cambridge researchers said Wednesday.

In an update to the Cambridge Bitcoin Electricity Consumption Index (CBECI), researchers with the Cambridge Centre for Alternative Finance (CCAF) said cryptocurrency mining in China has nearly disappeared after previously accounting for about 75 percent of the global share in September 2019.

China's percentage of the global share was at about 38 percent before the country's ban was announced earlier this year, a number that other top cryptocurrency miners around the globe have since worked to replace.

While CBECI has advised caution for those who make "strong assertions" about the risks cryptocurrency pose to any country's carbon footprint, its researchers have noted efforts to address worries about Bitcoin's sustainability are likely to be driven by investors, with individual miners typically in pursuit of "cheap and stable power.".

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