Coal prices in China have risen over the last month as China continues to block coal carriers from entering Chinese ports—and it's causing more than just residential and industrial energy shortages and blackouts.
China's Bitcoin mining is now under siege.
China is attempting to ration its power, but bitcoin mining's unquenchable thirst for high power use is now being threatened by China's standoff with Australia, frozen wind turbines—and Russia's own short supply of coal—that has left sailors and crew stranded at sea for months.
In fact, Bitcoin miners could end up taking the brunt of the rationing, and China hosts most of the world's top bitcoin miners.
And that makes sense because Bitcoin is extremely electricity-intensive, with just a single transaction consuming the power equivalent of as much as one U.S. household does for 23 days, with the carbon footprint of about 54,563 hours of YouTube video watching.
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Hess
Futures, 8:00 p.m. CT, Monday night, December 28, 2020.
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