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UK Bitcoin mining revenues soar, but China hogs 75% of ‘blood coin’ production

CryptocurrencyApr 07, 2021 06:00AM ET
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UK Bitcoin mining revenues soar, but China hogs 75% of ‘blood coin’ production

United Kingdom-based Bitcoin (BTC) mining firm Argo Blockchain just recorded the best quarter in its history, generating record revenues for three months straight. Yet despite the burgeoning cryptocurrency mining venture emerging in the west, the vast majority of Bitcoin production still takes place in China, where cheap, coal-powered electricity fuels an untold number of mining rigs.

A recent report by Nature.com revealed that as much as 75% of Bitcoin mining takes place in China — news which must fall hard on the ears of Shark Tank and Dragon’s Den investor Kevin O’Leary, who recently labeled all Bitcoin mined with the use of fossil fuels as “blood coin.”

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UK Bitcoin mining revenues soar, but China hogs 75% of ‘blood coin’ production
 

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