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Multiple Hydropower Plants up For Sale in China as Crypto Miners Flee
As China continues to exile cryptocurrency miners, the equipment related to mining is also being liquidated.
Matthew De Saro
Tue, June 29, 2021, 12:45 PM As China continues to exile cryptocurrency miners, the equipment related to mining is also being liquidated.
According to the South China Morning Post, a number of interesting items have popped up on secondhand websites in China. While mining rigs and other equipment related to the industry have been popping up more and more recently due to bans, a power plant is not something many would expect to see on a site like eBay or Craigslist...
"...there’s an obvious contest that’s happening between different sectors of the colonial ruling class in this country. And they would, if they could, lump us into their beef, their struggle." ---- Omali Yeshitela, African People’s Socialist Party
(My posts are not intended as advice or professional assessments of any kind.) Never forget Excalibur.
Truly peculiar, one would think a hydro plant would fit perfectly with China's stated goals of reducing GH gas emissions from fossil fuels.
Are the plants too small and too remote to link to the national grid?
Truly peculiar, one would think a hydro plant would fit perfectly with China's stated goals of reducing GH gas emissions from fossil fuels.
Are the plants too small and too remote to link to the national grid?
I was curious, too, about this. Some plants might be remote, though if they are for sale rather than being closed down, new management may be able to use them for more productive activities.
Today, Bitcoin consumes as much energy as a small country. This certainly sounds alarming — but the reality is a little more complicated. The author discusses several common misconceptions surrounding the Bitcoin sustainability debate, and ultimately argues that it’s up to the crypto community to acknowledge and address environmental concerns, work in good faith to reduce Bitcoin’s carbon footprint, and ultimately demonstrate that the societal value that Bitcoin provides is worth the resources needed to sustain it.
How Much Energy Does Bitcoin Actually Consume?
by Nic Carter May 05, 2021
....
Another key factor that makes Bitcoin’s energy consumption different from that of most other industries is that Bitcoin can be mined anywhere. Almost all of the energy used worldwide must be produced relatively close to its end users — but Bitcoin has no such limitation, enabling miners to utilize power sources that are inaccessible for most other applications.
Hydro is the most well-known example of this. In the wet season in Sichuan and Yunnan, enormous quantities of renewable hydro energy are wasted every year. In these areas, production capacity massively outpaces local demand, and battery technology is far from advanced enough to make it worthwhile to store and transport energy from these rural regions into the urban centers that need it. These regions most likely represent the single largest stranded energy resource on the planet, and as such it’s no coincidence that these provinces are the heartlands of mining in China, responsible for almost 10% of global Bitcoin mining in the dry season and 50% in the wet season.
Another promising avenue for carbon neutral mining is flared natural gas. The process of oil extraction today releases significant amount of natural gas as a byproduct — energy that pollutes the environment without ever making it to the grid. Since it’s constrained to the location of remote oil mines, most traditional applications have historically been unable to effectively leverage that energy. But Bitcoin miners from North Dakota to Siberia have seized the opportunity to monetize this otherwise-wasted resource, and some companies are even exploring ways to further reduce emissions by combusting the gas in a more controlled manner. Of course, this is still a minor player in today’s Bitcoin mining arena, but back of the envelope calculations suggest that there’s enough flared natural gas in the U.S. and Canada alone to run the entire Bitcoin network...
"...there’s an obvious contest that’s happening between different sectors of the colonial ruling class in this country. And they would, if they could, lump us into their beef, their struggle." ---- Omali Yeshitela, African People’s Socialist Party
(My posts are not intended as advice or professional assessments of any kind.) Never forget Excalibur.
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