The gaming hardware confiscated by the Ukrainian police was being used to create in-game currency and not for farming cryptocurrency.
Electricity is the physical flow of electrons. This flow is an energy carrier and is used to deliver energy for electrically-powered devices and establishments. Electricity is a major problem for the cryptocurrency industry. Blockchain electricity consumption values vary due to the algorithm used for establishing consensus. Proof-of-work cryptocurrencies demand a lot of power to operate. As a major PoW cryptocurrency, Bitcoin electricity usage is estimated around the value equal to that of Ireland. Bitcoin mining electricity is the most consuming part of the cost. Blockchain electricity consumption is also an environmental problem, as the growing amount of power demand may lead to climate change. Fixing the problem of large electricity requirements is a field of work for many tech companies. The most used technology for reducing energy demand is a proof-of-stake consensus algorithm that changes the way mining is performed.
Russian crypto advocates are already collaborating with a consortium including some of China’s largest crypto mining-related companies.4287
The Anhui government is addressing growing electricity demand by shutting down local crypto mining operations.2471
Miners used an empty warehouse of an electricity supply company to plug into the grid and mine crypto on a variety of devices, including gaming consoles.7926
Bitcoin’s total annual electricity consumption has fallen almost 60% since its all-time peak recorded in mid-May, according to industry data.3244
Discounted tariffs made Iran attractive to miners, now the country is having a hard time closing the gap between the production and consumption of electricity.1744
The new law introduces an additional tax levy for energy used by crypto miners starting from January 2022.4177
Advertisements for small-scale hydro plants have reportedly surged on Chinese secondhand e-commerce platforms.6189
Crypto miners in Ya'an City have reportedly been ordered to temporarily shut down their operations.6562
Miners dislocated by China’s crackdown are looking to Texas for cheap electricity, but the state’s grid is already on the brink of disaster amid a sweltering summer.8288
After introducing a new carbon-neutral system for Bitcoin investment in April, One River Digital has already applied for a carbon-neutral BTC ETF.6028
Iran's government has placed an immediate embargo on Bitcoin and crypto mining to preserve electricity over the summer months.12495
Iran is fighting against unauthorized crypto mining amid ongoing energy supply shortages.8474
A Chinese–Iranian Bitcoin mining facility is set to resume operations after being forced to shut down earlier in the year.6914
Victoria Bitter has partnered with blockchain energy trading platform Power Ledger to allow customers to earn beer with surplus solar energy.9411