Bitcoin mining in northern Chinese province halted amid energy-saving push| Elon musk vs Bill Gates

A major Chinese bitcoin mining hub is shutting down its cryptocurrency operations primarily to cut down on energy-consumption, Bitcoin mining is estimated to consume128.84 terrawatt-hour per year of energy, more than entire countries such as Ukraine and Argentina according to the Cambridge Bitcoin Electricity Consumption Index.
This is exactly one of the complains Bill had concerning bitcoin, as we all know bill gate is very bearish on bitcoin and one of reasons, he provided was that it uses more electricity per transaction than any other method known to mankind.
And the reason for such large energy drain is that Miners use high-powered computer that consume a lot of energy to solve complex mathematical puzzles that effectively allow a bitcoin transaction to happen. The miners receive bitcoin as a reward and that is the incentive.
China accounts for around 65% of all bitcoin mining globally — Inner Mongolia alone accounts for about 8%, due to its cheap energy. In comparison, the United States accounts for 7.2% of global bitcoin mining.
However, Its important that we state that, Not all cryptocurrencies work like bitcoin.
Inner Mongolia, located in northern China, failed to meet central government assessment targets regarding energy use in 2019 and was scolded by Beijing. In response, the region’s development and reform commission and laid out plans to reduce energy consumption.
Part of those plans involve shutting down existing cryptocurrency mining projects by April 2021 and not approving any new ones. They also involve reassessing other energy-intensive industries like steel and coal.
While the Chinese government has backed the development of bitcoin’s underlying blockchain technology, it has looked to crack down on digital currencies themselves. In 2017, Beijing banned initial coin offerings, a way to issue digital tokens and raise money. The government has also cracked down on businesses involved in cryptocurrency operations, such as exchanges.
China is also pushing to become more environmentally friendly. President Xi Jinping said last year that the country is targeting peak carbon dioxide emissions by 2030 and carbon neutrality by the year 2060.
It is important that we state that investors are very much bullish on bitcoin, one of the notable proponent of bitcoin is billionaire elon musk, twitter ceo Jack Dorsey and many other
Citi analysts predict the price of Bitcoin at current trajectory will be at the level of $300,000 at the end of 2021. Although JPMorgan does not give exact numbers, it confirms that Bitcoin has the potential for further growth, as it competes with gold as an alternative means for storing capital.