Electric Vehicle Campaign on a Rise After Bitcoin Mining Ban in China
The Chinese hydropower, left unused after the ban on bitcoin mining. Provided an excellent chance for electric cars (EV) to develop and change networks. Create a situation that could further reinforce the appeal of so-called new energy cars.
Consequently, the prohibition on energy mining saves more than 50 terawatt-hours (TWh) of electricity. Thus sufficient to provide power to an industrialized city with 1 million inhabitants for 33 years. Otherwise supporting 10 million Tesla models of 3s per year while charging once a week.
“It is a double dose of good news for China’s economy,” said Cao Hua, a partner at the private equity firm Unity Asset Management. “Cracking down on power-consuming bitcoin mines and using the excess capacity to support development of the future of mobility is the best example of how China endeavours to reach its carbon neutrality goal.”
Thus, to circumvent the Chinese government’s ban on cryptocurrency mining. Provinces like Guizhou and Qinghai have shut down server farms, citing concerns about energy use.
According to a UBS estimate, three out of five cars driven on Chinese roads will be non-fossil fueled by 2030. When compared to the US’s 50% electrification goal by the same year.
Guizhou is a mountainous province in Southern China. It was the first to announce last month that at least 4,500 EV charging stations, constructed this year, 5,000 the following year, and 5,500 in 2023.
Trillions Invested in Building Charging Stacks
According to the Bitcoin Electricity Consumption Index published by Cambridge University. China has 70% of the computing capacity in global cryptocurrency miners that consume an estimated 80 TWh of electricity worldwide a year.
For the first half of 2018, the China Electric Vehicle Charging Infrastructure Promotion Alliance (EVCIPA) estimates a 47.3 percent increase in private and public batteries. Out of which, 72.3 percent of infrastructure is concentrated in the top 10 cities, including Beijing, Shanghai, and Guangzhou.
General Motors, Volkswagen and intelligent EV start-ups like Xpeng and NIO have spent trillions in China building charging stacks. Volkswagen, China’s first foreign manufacturer, aims to construct 17,000 heaps in the nation by 2025.
