Due to the production of bitcoins, Beijing’s plans to reduce harmful emissions into the atmosphere have been threatened. According to CNBC, China accounts for 75 percent of the world’s mining. Meanwhile, last year, Chinese President Xi Jinping said that the country is aimed at reaching a peak in carbon dioxide emissions by 2030 and reaching carbon neutrality by 2060. But uncontrolled mining can disrupt these plans.

According to scientists at the University of Cambridge, around the world, Bitcoin mining consumes approximately 128.84 terawatt-hours (TWh) of energy per year – more than, for example, Ukraine or Argentina. If no measures are taken, by 2024, energy consumption from mining in China will reach a maximum of 296.59 terawatt-hours, and totally it will lead to the release of 130 million tons of carbon into the atmosphere.

On the other hand, the rise in the exchange price of bitcoin helped China and its digital yuan project, which is actively implemented and promoted by the country’s central bank. The main characteristic of the digital yuan will be its emission by the central bank, while the turnover of the new currency will not be based on blockchain technology. In the future, the digital yuan can become an alternative to cash.