China’s Bitcoin mining ban is a “game changer” adopted by electric vehicles

The following Beijing cracks down on energy-consuming Bitcoin (Bitcoin) Mining, Guizhou Province has become the first province in the country to use its released power capacity to advance the climate awareness agenda.

This southern province with abundant hydroelectric resources recently announced a plan to build at least 4,500 electric vehicle (EV) charging stations in 2021. It will increase to 5,000 in 2022 and to 5,500 in the following year.

As the South China Morning Post Report, Beijing’s pressure on Bitcoin miners released more than 50 terawatt hours (TWh) of electricity-enough to sustain an industrialized city with a population of 1 million for 33 years, or to meet the charging needs of 10 million Tesla Model 3s per year.

On the global stage, China has always been Early decisive promoters against cryptocurrency mining, Forced The once profitable mining pool From cheap, surplus electricity to Closed and moved overseasThe authorities in Guizhou Province are now seizing this surplus and inspiring the 38 million residents of the region to adjust their habits in accordance with Beijing’s commitment to decarbonization. Cao Hua, a private equity firm’s unified asset management partner, told reporters that Guizhou’s electric vehicle plan is “a double good news for China’s economy”:

“Cracking power-hungry Bitcoin mines and using excess capacity to support the development of future mobility is the best example of China’s efforts to achieve its carbon neutral goals.”

Guizhou is one of the countries with the lowest per capita income in the country. Its goal is to install 38,000 electric vehicle charging stations by 2023, at least one in each town, and 20% of the parking spaces in shopping malls are reserved for electric vehicle charging stations. Both local residents and manufacturers told the South China Morning Post that they hope the provincial authorities will provide incentives and consumer discounts to boost consumption.

Upstream of the production line, a local electric car battery supplier said that the industry has drawn inspiration from the new agenda. “We are considering expanding into these areas because they may introduce more incentives to attract companies to produce products that comply with their environmental policies,” he said.

According to reports, across the country, the number of public and private electric vehicle charging stations in China has increased by more than 47% in the past year. However, the vast majority of infrastructure is still concentrated in the wealthiest cities and regions. The South China Morning Post reported that the former Bitcoin mining centers (including Qinghai, Inner Mongolia, Xinjiang, Yunnan and Sichuan – May become a “game changer” for the popularization of electric vehicles in the country.

related: With power outages of Chinese miners, Bitcoin hash rate drops to an 8-month low

Extending charging stations to rural and underdeveloped areas is a major challenge that needs to resist the “range anxiety” of potential electric car drivers—that is, how far they can travel without running into a dead end in terms of battery life. Therefore, the shift to electric vehicles requires the concerted efforts of provincial governments, automakers, and battery manufacturers to fully increase the level of investment and scale production. Currently, Beijing’s goal is to make three-fifths of the country’s cars powered by non-fossil fuels by 2030, while the United States’ goal is 50%.

In addition to climate reasons, several governments around the world have strengthened their stance on Bitcoin mining this year, citing concerns about its impact on local energy supply. In late April, a former Kyrgyz government official argued that cryptocurrency mining is a kind of The main driver of the country’s energy crisis. Licensed Iranian miners have been banned From operating in the country to September to save electricity during the summer.