Bitcoin has a Xinjiang problem ...Middle East

Quartz - Economy
Bitcoin has a Xinjiang problem
source : Quartz ( Middle East ) () 31
Influentials like Elon Musk and star stock picker Cathy Woods have helped send bitcoin’s price soaring in recent weeks.But investors weighing the popular cryptocurrency need to consider the ethics surrounding it as well—since a significant portion of it is “mined” in China’s Xinjiang, where Beijing is accused of conducting mass human rights abuses.In cryptocurrency mining, people use enormous power-hungry computers to solve algorithmic puzzles and in return get rewarded with new bitcoin. That makes cheap energy integral to bitcoin. As of April last year, around 65% of bitcoin mining capacity, or hashrate, was based in China due to its cheap electricity.Read the rest of this story on qz.com.

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