New data has shown that U.K. Bitcoin mining revenue has soared, but 75 percent of the Bitcoin mining still occurs in China, where blood coin is done. The U.K.-based Bitcoin mining company recorded this revenue for three consecutive months in what the firm sees as the best quarter in its history. The latest report made by Nature.com shown that about 75 percent of Bitcoin mining occurs in China. This would be hard for Kevin O’Leary and Shark Tank, who just termed all the mined Bitcoins as blood coins.

Argo says Bitcoin saw a massive first quarter

This U.K.-based Bitcoin mining company of Argo Blockchain recorded what’s seen as the best quarter in her history, garnering unprecedented revenues in three consecutive months. Nevertheless, despite that the prominent crypto mining venture emerges in the west, most of the Bitcoin manufacturing still happens in China, where coal-powered cheap electricity fuels many mining rigs.

The investor, Kevin O’Leary, has said that henceforth, the only Bitcoin he will buy and involve is a clean coin. A clean coin is the Bitcoin received from miners that use renewable or green energy. He continued by claiming that investors will soon start noticing the surrounding concerns engaged when utilizing Bitcoin and might soon start to look for virgin coins. Their production sources are already agreed upon and known.

China researchers set to limit Bitcoin mining gas emissions

Further, experts at Nature have stated that gas emissions from China’s greenhouse of Bitcoin mining would exceed the whole emissions of combined Qatar and the Czech Republic by 2024. The researchers at Nature maintained that without policy interventions, yearly energy consumptions of Bitcoin blockchains inside China is anticipated to climax in 2024 at 296.59 of Twh and gathered about 130.50 million carbon emission metric tons correspondingly.

Globally, the output of this emission would exceed the whole emissions of combined Qatar and the Czech Republic yearly by 2024. Aided by the fossil fuel and closeness to mining hardware manufacturing epicenter in East Asia, China Bitcoin miners dominate the world’s landscape in generating Bitcoins. The report stated that because of the proximity of specialized hardware producers and its access to affordable electricity, most mining processes had been done in China since country miners account for over 75 percent of the Bitcoin network’s hashing power.

Argo Blockchain has just recorded profits in three straight months as the company got its best quarter in its history. With renewable energy sources around Canada’s operational centers, Argo has mined about 387 BTC during the 2021 first quarter, with revenues passing 13.4 million pounds. The company held about 764 BTC in total by March end.

Peter Wall, Argo CEO, has said he is happy that Argo has garnered unprecedented mining profits for the three consecutive months, making the quarter the Argo’s best period in the company’s history. Meanwhile, Argo has announced it will establish a clean Bitcoin mining platform powered by hydroelectric, renewable sources.