institutions will not accept bitcoins mined in China

“I am not going to buy cryptocurrencies unless I know where they were mined, when they were mined and where they came from,” said billionaire businessman Kevin O’Leary this April 5 during an interview. Not from China. There will be no blood coins for me, “he added.

O’Leary, during his participation in a program on the US network CNBC, assured that only will acquire bitcoin of countries that mine with sustainable energy, hydroelectric and not with charcoal.

The Canadian businessman, calling bitcoin mined from China “blood coins”, drew a parallel between the cryptocurrency and the well-known “blood diamonds” produced in Africa to finance insurgencies.

According to the billionaire, large institutions could impose new restrictions on bitcoin and other cryptocurrencies that are not mined under certain environmental standards, as well as in countries that violate human rights and restrictions on carbon emissions.

“Institutions will not buy coins mined in China, coins mined using coal for electricity, or coins mined in sanctioned countries,” O’Leary said. In addition, he added that institutional investors don’t want to back China due to the human rights violations that take place in that country.

However, O’Leary and the institutions will have an arduous task to detect “green” and not “made in China” bitcoin. Until August last year, as CriptoNoticias reported, 95% of the bitcoin mined blocks were processed in China.

A study conducted by the University of Cambridge, together with, Poolin and ViaBTC, shows that 65% of the hashrate is processed in China, while the remaining is processed in the United States (7%), Russia (7%), Kazakhstan (6%), Malaysia (4%), Iran (4%) and other countries, including Venezuela with 0.42%.

In fact, 18 million bitcoins have already been mined, mainly by China. And of the 3 million that remain, China has enough infrastructure to mine a large chunk.

At the beginning of March, CriptoNoticias reported that the entrepreneur and co-host of the reality show, Shark Tank, announced that he is investing 3% of his portfolio in bitcoin (BTC), despite calling the cryptocurrency “garbage” less than two years.

According to analyst Niall Ferguson, the lack of foresight on the part of the United States about the future of money, now seems to worry the legislators of that country, leaving the global financial hegemony vulnerable to a potentially fatal challenge. The US monetary authorities underestimate the threat which represents for the dominance of the dollar China’s pioneering combination of its digital currency and electronic payments.

Green Bitcoin mining picks up steam in North America

Kevin O’Leary’s position is in line with the latest moves mining companies are making to establish themselves in North America and to extract bitcoin with renewable energy.

Last March, MintGreen, a Canadian-based cleantech blockchain company, announced the closing of a funding round to develop a large-scale commercial project that will recycle the heat from bitcoin mining.

Likewise, it happened in Canada with the companies Link Global Technologies, dedicated to mining bitcoins, and Neptune Digital Assets, specialized in blockchain technology, which will build a bitcoin mining farm that will run on wind energy, solar and natural gas.