The U.S. has taken the lead in developing a digital currency after China made the practice illegal.
After China banned the mining of Bitcoin, the U.S. took control of creating the cryptocurrency.
Starting in June, the Chinese government told banks to stop cultivating transactions to halt all Bitcoin mining, which resulted in the country’s share of Bitcoin mining to fall to zero, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI).
The move resulted in a 38% fall in worldwide Bitcoin mining with much of the mining being done by the U.S. with 35.4%, Kazakhstan with 18.1% and Russia with 11%.
According to the BBC, miners who create new Bitcoin do make money, however the computer needed to mine the digital currency consumes great quantities of energy and in the process they assess Bitcoin deals in exchange for the chance to acquire the digital currency.
The problem is that global mining utilizes huge computing power, which results in an abundant use of electricity that results in significant contribution to global emissions, according to the BBC.