UK’s Argo Blockchain Reports Record Quarterly Bitcoin Mining Revenues
The UK based Bitcoin (BTC) miner Argo Blockchain has posted its best quarter in history, realizing record revenues for three consecutive months. In spite of the growing popularity of crypto mining business in the West, the main share of Bitcoin mining still happens in China, where cost effective, coal-based power supports a unknown count of mining rigs.
The latest report by Nature.com disclosed that nearly 75% of Bitcoin (BTC) mining happens in China, bad news for Shark Tank and Dragon’s Den investor Kevin O’Leary, who had stamped Bitcoin mined using electricity generated with fossil fuels as “blood coin.”
The investor has gone to the extent of saying that he would buy Bitcoin only if it is “clean coin,” which is Bitcoin acquired from miners who generally use renewable or green energy. O’Leary also alleged that institutional investors would start noting ecosystem related issues and get into agreements for the purchase of “virgin” coins whose source of generation is known earlier on.
As per academics at Nature, by 2024m China’s carbon gas emissions from mining of Bitcoin will surpass the aggregate emissions of both Qatar and Czech combined.
“We find that without any policy interventions, the annual energy consumption of the Bitcoin blockchain in China is expected to peak in 2024 at 296.59 Twh and generate 130.50 million metric tons of carbon emission correspondingly. Internationally, this emission output would exceed the total annualized greenhouse gas emission output of the Czech Republic and Qatar.”
Aided by cost effective fossil fuel based power and their nearness to the center of mining equipment production in South East Asia, Bitcoin miners in China eclipse the global Bitcoin mining business:
The report reads as follows:
“Due to the proximity to manufacturers of specialized hardware and access to cheap electricity, the majority of the mining process has been conducted in China as miners in the country account for more than 75% of the Bitcoin network’s hashing power.”
In other news, Argo Blockchain posted all-time high revenues for three months in a row, as the firm recorded its best ever quarter. Through the use of renewable power in mining centers across Canada, Argo generated 387 Bitcoins in the first-quarter of 2021, with revenues surpassing 13.40 million British pounds ($18.50 million). Overall, the firm supposedly possessed 764 Bitcoins by the end of March.
Argo chief executive Peter Wall said “I’m delighted that Argo has generated record mining revenue and profits for the third month in a row, making this quarter Argo’s best performing since the company’s inception.”
In recent times, Argo stated that it would establish a clean energy Bitcoin mining pool run through renewable, hydroelectric sources. The degree to which “blood coin” is produced in China is a subject of debate. Many in crypto sector refute the allegations. In recent times, the mayor of Miami, Francis Suarez, stated that 90% of Bitcoin was generated through sources of “dirty” energy.