Cryptocurrency mining aka cryptocurrency mining has received a lot of criticism because it increases environmental pollution by consuming large amounts of electricity from fossil energy.
However, this does not apply to a British man named Philip Hughes.
He mines Cryptocurrency on his family's farm near the Berwyn mountains (not far from Snowdonia National Park, Denbighshire, Wales).
In the mining, he turned out to use electricity generated from cow dung.
On the farm there are 6 large cylinders that work at 500 rpm to convert the methane released from cow dung and decompose it into electricity.
This process is known as anaerobic digestion, so it is friendly to the environment.
Reporting from BBC International on Thursday (10/06/2021), about two-thirds of the electricity generated by anaerobic digestion is used for agricultural activities.
The remainder is used to power a Cryptocurrency mining rig and a special suitcase-sized computer.
Philip Hughes admits that he is currently mining Ethereum diligently, so that he is able to earn a large income from this activity.
"However, it really depends on what day you ask the question," he said, referring to the volatility of the cryptocurrency's value.
The value of Ethereum itself had touched 4,000 US Dollars, equivalent to Rp. 57 million per coin.
However, now its value has dropped to around 2,400 US Dollars or Rp. 34 million per coin.
The electricity consumption for mining Ethereum itself is lower than for mining Bitcoin.
Philip Hughes has also started leasing the renewable energy facility.
To rent it, it costs around 18,000 Pounds sterling or equivalent to Rp362 million, where each rig will be filled with many very powerful computer graphics cards.
If on the plains of Wales there is the genius Philip Hughes, then it is different in China recently.
Quoted from Reuters, Chinese police have arrested more than 170 criminal groups on Wednesday (09/06/2021) last afternoon.
"Money launderers charge their criminal clients a 1.5% to 5% commission for converting illegal proceeds into virtual currency via Crypto exchange," the Ministry of Public Security said through its official WeChat account on Thursday (10/06/2021).
With the arrests of more than 170 criminal groups, it means that police in China have arrested more than 1,100 people suspected of being linked to money laundering using cryptocurrency.
The ministry also said that they exchanged illegal money generated by telephone and internet fraud.
Yes, what happened in China recently was actually a criminal act involving Crypto currency.
The arrests came as the Chinese side imposed a strict ban on cryptocurrency trading.
In the last month, 3 Chinese industry bodies have banned Bitcoin-related financial and payment services, et al.
The State Council, China's cabinet, also pledged to suppress mining and trade.
The China Payments & Clearing Association also said that recently the number of crimes involving the use of virtual currencies is on the rise.
"They are increasingly becoming an important channel for cross-border money laundering (because cryptocurrencies are anonymous, convenient and global)," the association explained.
Cryptocurrency itself has become a popular means of payment in illegal gambling activities.
Nearly 13% of gambling sites support the use of virtual currencies, while blockchain technology has made it difficult for authorities to track the circulation of the money.
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