Proceedings of the 7th Annual International Conference on Social Science and Contemporary Humanity Development (SSCHD 2021)

Influence of Electric Power Generation Capacity on Regional Distribution of Bitcoin Mining in China

Authors
Shengqiu Ma*
Rugters University (The State University of New Jersey)
*Corresponding author. Email: 799356238@qq.com
Corresponding Author
Shengqiu Ma
Available Online 15 December 2021.
DOI
10.2991/assehr.k.211215.064How to use a DOI?
Keywords
Bitcoin; Electric power generation; Panel data analysis
Abstract

Bitcoin is a newly emerged digital currency. It was first proposed by Satoshi Nakamoto on 2008 November 1, and officially born on 2009 January 3. The attitudes of different countries towards Bitcoin are largely different. Recently, China has become the major country in Bitcoin mining. However, Bitcoin mining is highly dependent on electric power supply. Then, regional power generation capability and electricity price are important indicators to determine the cost and scale of Bitcoin mining business. Based on the provincial and monthly data from 2019 to 2021 including Bitcoin mining volume and wind, thermal and hydro power generations, the impact of each power generation on the Bitcoin mining is empirically analysed by Panel data analysis. Results show that the provinces whose thermal and hydro power generations are relatively large will attract more Bitcoin mining business. However, the effects of wind power generation on the distribution of the Bitcoin business is negative. This is highly likely caused by the substitution effect.

Copyright
© 2021 The Authors. Published by Atlantis Press SARL.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 7th Annual International Conference on Social Science and Contemporary Humanity Development (SSCHD 2021)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
15 December 2021
ISBN
978946239-485-8
ISSN
2352-5398
DOI
10.2991/assehr.k.211215.064How to use a DOI?
Copyright
© 2021 The Authors. Published by Atlantis Press SARL.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Shengqiu Ma
PY  - 2021
DA  - 2021/12/15
TI  - Influence of Electric Power Generation Capacity on Regional Distribution of Bitcoin Mining in China
BT  - Proceedings of the 7th Annual International Conference on Social Science and Contemporary Humanity Development (SSCHD 2021)
PB  - Atlantis Press
SP  - 349
EP  - 353
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.211215.064
DO  - 10.2991/assehr.k.211215.064
ID  - Ma2021
ER  -