Could Bitcoin Surge Help Coal?

[Kate Turlington + 44]

Nomura made this interesting 'black swan' 'prediction' ... the massive amount of energy it takes to mine exploding Bitcoin could lead to a resurgence of coal just to make enough cheap energy to mine the cryptocurrency. 

[Marina Schwarz + 1,576]

There may be something to this. I remember a guy had calculated how much energy the Pokemon craze guzzled. It was really stunning.

[Kate Turlington + 44]

I have to look into this coal bit, but I know they're hitting up the 'cold countries' because of the cheap and plentiful geothermal energy and the natural cooling for all those massive machines that are mining cryptocurrency on an industrial level. 

[Carlsbad + 19]

Still trying to figure out why this would lead to a surge in demand for coal. I get the massive energy usage. Vice said bitcoin could consumer enough power to supply the daily needs of almost 270,000 average American homes. But still ... why coal, and where?

 

Edited December 29, 2017 by Carlsbad

[Seleskya + 50]

Actually, that's easy: China. China's already got eight massive industrial mining cryptocurrency mining facilities, and at least one of the main ones (and others I think) are run on electricity produced by coal. 

[Kate Turlington + 44]

China still gets 60% of its electricity from coal, despite its major, aggressive nat gas push. This, from Bloomberg:

 

[TraderTate + 186]

The IEA forecasts a slowing of global coal consumption over the next half decade...wonder if they're figuring in a potential bitcoin energy hunger scenario here?