Musk "returned his promise" just because he coveted the computing power industry? The proportion of clean energy in China is not low

On the 25th, Musk tweeted that he talked with North American bitcoin miners, and the miners promised to release the current and planned renewable energy usage situation, and encouraged the industry to follow up and implement. This, he suggested, is a potential hope for bitcoin.

Afterwards, MicroStrategy CEO Michael Saylor retweeted the tweet, saying that Musk had met with a group of mining companies in North America, and the miners agreed to set up the Bitcoin Mining Council (Bitcoin Mining Council) to improve energy consumption transparency and speed up Bitcoin mining. Sustainability activities worldwide.

These mining companies include Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital Holdings, and Riot Blockchain, among others.

Musk: Once a Twitter CEO successor is found, he will manage the software and server teams: According to news on December 21, according to Bloomberg News, Musk said that once a successor is found, he will resign as CEO of Twitter. Will manage software and server teams. (Bloomberg)

According to previous reports, on December 19, Elon Musk launched a Twitter vote on "whether he should resign as the head of Twitter". It is reported that Elon Musk said that he would abide by the results of the vote when he initiated the vote. Currently, he is actively looking for a new CEO for Twitter. [2022/12/21 21:57:48]

So, a battle between North American mining companies trying to seize the leadership of the global Bitcoin computing power industry has begun?

Chinese Entrepreneurs: The Computing Power Industry May Be Transferred from China to the United States

Musk "returned his promise", and Xiong Yue, president of Bixin Research Institute, said: "What should be paid attention to is not the illusory question of how much of China's computing power accounts for, and who owns the bookkeeping rights. These are all results. I The focus is on the rules, Musk has played badly, and very badly. Of course, Bitcoin will continue to be stable, but many people in Inner Mongolia, Xinjiang, Yunnan, Sichuan and other places will lose their jobs because of his gossip.”

SBF confirmed that it had negotiated with Musk on joining the acquisition of Twitter: On November 4th, according to foreign media reports, FTX founder Sam Bankman-Fried (SBF) confirmed that he had negotiated with Musk on joining the acquisition of Twitter. Negotiations, but no actual investment. SBF said it is optimistic about the changes Twitter is currently making and hopes that Musk will "really revitalize Twitter." (Forbes) [2022/11/4 12:16:19]

Bitcoin William said: "Musk doesn't understand. At that time, he complained about the high energy consumption and concentrated computing power of Bitcoin mining. The only spearhead was to point at the Chinese miners, and wanted to get the mining machines and computing power into the hands of himself and the United States. That’s all. This wave of computing power migration should be faster than expected.”

Cai Hengjin, PhD supervisor of Wuhan University, founder and chief scientist of EveriToken public chain, said: "Musk formed a Bitcoin mining committee. Where is the Chinese mining company with the largest computing power? After handing over the pricing power, we handed over the mining rights like this." ?"

Musk: Temporarily serving as the sole director of Twitter and will form a new board of directors: According to news on November 1, the US Securities and Exchange Commission disclosed documents that Elon Musk had dissolved Twitter’s board of directors and became the company’s current sole director. However, Musk clarified this on social media, saying that he is only serving as the sole director of Twitter temporarily, and a new board of directors will be formed later, with people who he thinks are more suitable to represent the company's interests and take care of the company's development. (tesmanian) [2022/11/1 12:03:48]

Kong Jianping, chairman of Haowei Technology, said: "Bitcoin pricing power is already a competition between decentralized exchanges and American exchanges. Mainland China has completely lost its pricing power. Next, North American mining companies with Musk as the node It is a pity that the last good card in the blockchain world in the mainland will be left behind if there is no better policy environment in mainland China.” It is not difficult to imagine, Musk After a series of fancy tweets, the entire Bitcoin computing power market is undergoing a major change. But to some extent, with the change of Musk's tone, there is no doubt that it will benefit the global bitcoin and bitcoin computing power industry.

Huobi Xutong: Bitcoin hit a record high Musk contributed a lot: According to Huobi Global, the price of Bitcoin has risen, breaking through 44195USDT, an increase of more than 15%, setting a record high. Xu Tong, Huobi Research Institute, said, “Bitcoin’s new record high is due to Elon Musk.

Just changing Twitter's profile to "Bitcoin" had previously caused Bitcoin to rise 18% in just one hour, and Tesla disclosed in its latest SEC filing that it had purchased $1.5 billion worth of Bitcoin. Bitcoin will be accepted as a payment method for products in the future. The news caused Bitcoin to rise in response, increasing by 8% within an hour. Musk himself has a strong calling ability, and this series of actions has enhanced the market's confidence in BTC as a mainstream investment asset and payment method. It is reasonable for BTC to break through the previous high. "[2021/2/8 19:14:59]

Discussing the shift of Bitcoin mining from fossil energy to clean energy is not "out of thin air".

In fact, more than 120 countries and 2/3 of the economies in the world are currently participating in the "carbon neutral" transformation. Therefore, this is not just an environmental public opinion. The transfer of Bitcoin mining from fossil energy to clean energy is almost is irreversible. Governments around the world are promoting "carbon neutral" policies, especially in 2021.

In China, on February 25, the Inner Mongolia Autonomous Region announced a comprehensive clean-up and shutdown of virtual currency mining, which is also the harbinger of the implementation of the carbon neutral policy in China.

Clean energy is also generally considered to be renewable energy (there is also a classification that classifies nuclear energy as clean energy), while the International Energy Agency classifies hydropower, solar energy, wind energy, biofuels, and waste as major renewable resources. According to the report data provided by it in 2016, the power provided by the above-mentioned types of renewable energy is about 56 times the power consumption of the Bitcoin network.

Previously, hydropower was the clean energy with the largest reserves, mainly distributed in areas rich in water resources such as China, South America, and North America.

Statistics provided by Coinin show that during the wet season, Sichuan accounts for 50% of the national mining power consumption, and Yunnan 25%. This means that about 75% of the mining power during the flood season is hydropower clean energy. The dry season accounted for a relatively low proportion. Xinjiang accounted for 50% of the national mining power consumption, and Inner Mongolia accounted for about 30% (previous data), which means that the proportion of hydropower and clean energy in the dry season is 20%.

On the whole, about 65% of China's mining energy comes from clean energy, and this proportion will continue to increase.

In addition to hydropower, solar energy and wind energy account for the majority, but these two energy sources have some problems, such as high cost. But recently, the payment giant Square and the asset management company Ark Invest mentioned in a joint research report that in the past decade, the production costs of solar and wind power have dropped significantly, of which solar power has dropped by 90% and wind power has dropped by 71%. In addition, with the development of battery technology, the intermittent shortage of wind power and solar power may be compensated.

Therefore, it is entirely possible that Bitcoin mining uses clean energy, which will even promote the adoption of clean energy globally.

Moreover, clean energy has become a cost-effective choice in the global energy arbitrage behavior of Bitcoin mining. Because the cost of these energy sources is decreasing, here are the prices per kilowatt of renewable energy. It can be seen that the price of clean energy is even lower than that of fossil energy.

From the perspective of policy, more than a dozen provinces in China have issued the 14th Five-Year Energy Plan, which clearly points out the need to increase the scale of photovoltaics. Zhejiang, Jiangsu and other places can increase their installed capacity by more than half by 2025. The National Development and Reform Commission, the Energy Research Institute and other institutions predict that by 2050, nearly four layers of electricity consumption in China will be photovoltaics. Therefore, the supply of these two clean energy sources in China will not be low in the future.

Therefore, there is reason to believe that in China, Bitcoin mining can realize the transformation from fossil energy to clean energy.

Overseas, this process is accelerating. For example, in April 2021, a bitcoin mining company named Gryphon Digital Mining announced that its bitcoin mining business will use 100% clean energy. At that time, there were at least three global companies that claimed to use clean energy to mine Bitcoin, including listed companies such as ArgoBlockchain (UK) and Neptune Digital Assets (Canada).

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