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Technicians make repairs to bitcoin mining machines at a mining facility operated by Bitmain in Ordos, Inner Mongolia, China, on Friday, Aug. 11, 2017.
Qilai Shen | Bloomberg | Getty Images

China has long been home to more than half the world’s bitcoin miners, but now, Beijing wants them out ASAP. 

In May, the government called for a severe crackdown on bitcoin mining and trading, setting off what’s being dubbed in crypto circles as “the great mining migration.” This exodus is underway now, and it could be a game changer for Texas.

Mining is the energy-intensive process which both creates new coins and maintains a log of all transactions of existing digital tokens. 

Despite a lack of reserves that caused days-long blackouts last winter, Texas often has some of the world’s lowest energy prices, and its share of renewables is growing over time, with 20% of its power coming from wind as of 2019. It has a deregulated power grid that lets customers choose between power providers, and crucially, its political leaders are very pro-crypto – dream conditions for a miner looking for a kind welcome and cheap energy sources.

“You are going to see a dramatic shift over the next few months,” said Brandon Arvanaghi, previously a security engineer at crypto exchange Gemini. “We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.”

China’s mining dominance

2021 data for the global distribution of mining power is not yet available, but past estimates have shown that 65% to 75% of the world’s bitcoin mining happened in China – mostly in four Chinese provinces: Xinjiang, Inner Mongolia, Sichuan, and Yunnan. Sichuan and Yunnan’s hydropower make them renewable energy meccas, while Xinjiang and Inner Mongolia are home to many of China’s coal plants. 

The drawdown in miners has already begun in Inner Mongolia. After failing to meet Beijing’s climate targets, province leaders decided to give bitcoin miners two months to clear out, explicitly blaming its energy misses on crypto mines. 

Castle Island Ventures founding partner Nic Carter says that while it’s not totally clear how China will handle next steps, it a phased rollout is likely. “It seems like we’re going from policy statement to actual implementation in relatively short order,” he said.

The way this exodus is measured is by looking at hashrate, an industry term used to describe the computing power of all miners in the bitcoin network.

“Given the drop in hashrate, it appears likely that installations are being turned off throughout the country,” continued Carter, who also thinks that probably 50 to 60% of bitcoin’s entire hashrate will ultimately leave China. 

Although China’s announcement hasn’t been cemented in policy, that isn’t stopping miners like Alejandro De La Torre from cutting their losses and making an exit.

“We do not want to face every single year, some sort of new ban coming in China,” said De La Torre, vice president of Hong Kong-headquartered mining pool, Poolin. “So we’re trying to diversify our global mining hashrate, and that’s why we are moving to the United States and to Canada.”

One of bitcoin’s greatest features is that it is totally location agnostic. Miners only require an internet connection, unlike other industries that must be relatively close to their end users. 

“The cool thing about bitcoin that is under appreciated by a lot of the naysayers is that it’s a portable market; you can bring it right to the source of energy,” explained Steve Barbour, founder of Upstream Data, a company that manufactures and supplies portable mining solutions for oil and gas facilities.

That said, the exodus won’t be instantaneous, in part, because it will take miners some time to either move their machines out of China or liquidate their assets and set up shop elsewhere. 

Where they’re going

Because miners at scale compete in a low-margin industry, where their only variable cost is typically energy, they are incentivized to migrate to the world’s cheapest sources of power. 

“Every Western mining host I know has had their phones ringing off the hook,” said Carter. “Chinese miners or miners that were domiciled in China are looking to Central Asia, Eastern Europe, the U.S., and Northern Europe.”

One likely destination is China’s next-door neighbor, Kazakhstan. The country’s coal mines provide a cheap and abundant energy supply. It also helps that Kazakhstan has a more lax attitude to building, which bodes well for miners who need to construct physical installations in a short period of time. 

Didar Bekbauov runs Xive, a company that provides hosting services to international miners. Xive also sells the specialized equipment needed for mining. 

Bekbauov says that he’s stopped counting the number of Chinese miners who have called him to ask about relocation options, ranging from operations with 15 rigs to thousands. 

“One miner told us that only government electricity plants have restricted mining and private ones will continue to service miners,” Bekbauov told CNBC. 

“But most of the electricity is generated by government power plants, so miners will have to move. That makes them uncertain and desperate to find other locations,” he said.

Whether Kazakhstan is a destination or simply a stopover on a longer migration west remains to be seen. 

Arvanaghi is bullish on North America and thinks the hashrate there will grow over the next few months.

“Texas not only has the cheapest electricity in the U.S. but some of the cheapest in the globe,” he said. “It’s also very easy to start up a mining company…if you have $30 million, $40 million, you can be a premier miner in the United States.”

Wyoming has also trended toward being pro-bitcoin and could be another mining destination, according to Arvanaghi.

There are, however, a few major limitations to the U.S. becoming a global mining destination.

For one, the lead time to build the actual physical infrastructure necessary to host miners is likely six to nine months, Carter told CNBC. “The U.S. probably can’t be as nimble as other countries in terms of onshoring these stray miners,” he said.

The move logistics may also prove difficult. There is a shipping container shortage, thanks to the tailwinds of the Covid pandemic. 

But perhaps the biggest question is the reliability of the Texas power grid. A storm that devastated large swaths of the state in 2020 has reignited a debate over whether Texas should winter-proof its systems, a potentially costly project that might affect taxes or other fees for those looking to tap into the state’s power grid. More recently, ERCOT, the organization that operates Texas’ grid, asked consumers to conserve energy amid what officials called an unusual number of “forced generation outages” and an upcoming heat wave.

Answering the Musk critique

Tesla CEO Elon Musk has bashed bitcoin mining, claiming that it is bad for the environment. It’s not a new criticism.

For years, skeptics have maligned the world’s most popular digital token for polluting the planet, while supporters have extolled the virtues of bitcoin and its role in accelerating the rise of renewable energy. 

It is unclear whether the China mining exodus will make or break the case for bitcoin enthusiasts in the debate around the token’s carbon footprint. The dominant narrative, to date, has been that much of the world’s bitcoin is mined with Chinese goal. 

“From a narrative perspective, it’s definitely an improvement,” said Carter. “But China also has the most abundant stranded hydro resources in the world.”

The country offers significant energy vectors from wind, solar, and especially hydropower in the south. Xinjiang’s grid, for example, is 35% powered by wind and solar energy inputs.

If all the miners do end up leaving China, it will mean less fossil fuel-powered mining, but it will also mean that the network’s share of renewable energy-powered mining will drop. This is why the question of where these migrant miners end up could prove critical to bitcoin’s future. “It’s the biggest story of the year for bitcoin,” said Carter. 

De La Torre says they’re looking to expand operations using green energy, a trend that is already years in the making. He says that hydro plants are generally cheaper than fossil fuels in most parts of the world.

“Mining is price sensitive, so as to seek out the lowest cost power and the lowest cost power tends to be renewable because if you’re burning fossil fuels…it has extraction, refinement, and transport costs,” explained Blockstream CEO Adam Back. 

Lazard

Each year, investment bank Lazard releases a breakdown of energy costs by source. Its 2020 report shows that many of the most common renewable energy sources are either equal to or less expensive than conventional energy sources like coal and gas. And the cost of renewable power keeps going down.

But there are limitations to running crypto mines purely on renewable energy.

Though solar and wind are now the world’s least expensive energy sources, both power supplies face limitations at scale, so there is concern over the viability of miners turning exclusively to wind or solar energy.

Next six months

For the time being, there isn’t that much mining capacity worldwide that is ready to absorb the Chinese miner diaspora. While they scramble to find a new home, we could see hashrate go offline – and stay offline. 

In practice, that would mean all the remaining miners are more profitable for a period of time. 

Having more geographic dispersion would even out the global balance of power, and it would also reduce the ability of any one sovereign nation to co-opt or control the network.

We may also see special crypto economic zones pop up in the next few months.

“You will see jurisdictions adopting a very favorable stance and creating the equivalent of special zones to encourage miners to host locally,” said Carter. “We’re seeing it at the state level here. You’re also gonna see it at the country level, you might even see subsidized electricity for mining.”

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Africa’s waste industry just got a whole lot cleaner with its first electric garbage truck

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March 20, 2023

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Africa’s waste industry just got a whole lot cleaner with its first electric garbage truck

Africa-electric-garbage-truck

Africa received its first heavy-duty commercial electric truck this past week, a Volvo Trucks FE Electric garbage truck (waste collector). The electric garbage truck will be the first fully electric heavy-duty truck from a global manufacturer to begin operation in Africa, marking a significant milestone as we move closer toward a sustainable transportation industry globally.

Volvo Trucks is leading the charge toward a cleaner future with a broad lineup of zero-emission heavy-duty electric vehicles.

Founded in Sweden in 1927, Volvo Trucks has a rich history in the truck-making business. The company’s first truck rolled off the line in 1928, and Volvo has been leading the industry to new heights ever since with innovations, such as the three-point safety harness, the first fully integrated sleeper compartment, and unique designs to increase efficiency.

Seeing the progression to fully electric vehicles sooner than many of its counterparts, Volvo Trucks moved the industry forward again, releasing its first electric commercial truck, the FL Electric, in 2019.

Volvo followed it up, unveiling the Volvo VNR Electric featuring a larger battery designed to extend range.

In September, Volvo added three massive 44-ton heavy-duty EV trucks to its portfolio, bringing its total lineup to six, the most extensive in the industry, as it continues to add zero-emission options in different commercial categories.

The company’s trucks are helping companies go electric to reduce emissions and promote a zero-emission global transportation industry across the globe.

Volvo’s most recent electric truck was delivered to Africa. Volvo delivered its first heavy-duty truck to Morocco, a Volvo FE electric garbage truck, which is a big step for both the truck maker and Africa as they move closer to achieving their climate goals.

Africa-electric-garbage-truck-2
Volvo FE Electric garbage truck in Morocco (Source: Morocco)

Volvo delivers first heavy electric garbage truck to Africa

In a press release, Volvo said it had delivered a series-produced zero-exhaust emission garbage truck to the city of Rabat in Morocco. Martin Nilsson, managing director of Volvo Trucks Morocco, said:

This clearly shows that zero-emissions trucks have a role to play in many parts of the world.

Volvo’s extensive heavy-duty EV lineup makes electrifying in all parts of the world possible. Arma, a Moroccan waste management company, will use the zero-emission truck to, well, collect waste, of course.

By replacing the existing diesel fleet with a Volvo FE electric during typical routes, Volvo says over 20 tons of CO2 could be saved annually.

The addition is part of Morocco’s unconditional climate goal of reducing emissions by 18.3% by 2030. Volvo is also aiming for 50% of all new vehicle sales to be electric by 2030.

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Tesla expands its virtual sales presence with remote test drives

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3 hours ago

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March 20, 2023

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Tesla expands its virtual sales presence with remote test drives

Tesla Remote test drive hub

Tesla is expanding its new sales strategy of using virtual sales advisers with remote test drive locations to Europe.

In the summer of 2021, Electrek exclusively reported that Tesla was implementing a new sales strategy. At the time, we reported that the main changes were that the automaker was moving away from high-rent locations in malls and shopping districts in favor of delivery centers and remote test drives.

The strategy is again focused on online sales, but Tesla has recognized that physical presence is still necessary to enable test drives.

When someone used to place an order for a Tesla vehicle online in North America, the customer was assigned a “Tesla Advisor” at their local store to help manage the process leading up to the delivery.

Instead, Tesla started to assign orders to “virtual sales advisors” not assigned to any specific stores, and customers could go to cheap remote test drive locations with Tesla vehicles in parking lots.

The company has been gradually implementing this new strategy in North America. Tesla has now expanded its strategy to Europe with its first remote test drive hub location in Sweden:

Tesla explains the simple process of using the location:

Book an appointment at http://tesla.com → call us when you’ve arrived → we remotely unlock the vehicle for you & walk you through the basics → test drive for 30 mins → drop off vehicle at the same location.

This enables Tesla to operate these locations with very few staff. The company simply needs to make sure those vehicles stay clean and charged.

When we first reported on the new strategy in 2021, sources told Electrek that Tesla was already seeing some success with the first few locations in the US.

Now that the company is expanding this strategy in Europe, we have to assume that the automaker is happy with it and has decided to implement it in new markets.

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Use CRAFTSMAN’s cordless electric pole saw to trim your trees as spring arrives at $129 in New Green Deals

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March 20, 2023

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Use CRAFTSMAN's cordless electric pole saw to trim your trees as spring arrives at 9 in New Green Deals

As today is the first official day of spring, you’ll want to get ready to trim your yard up and get it ready for warmer weather with spring and summer parties on the horizon. That’s where CRAFTSMAN’s 14-foot cordless pole saw comes to play. It’s on sale for $129 right now, which is the first major price drop that we’ve seen since last summer when the same deal came around back in May. With no gas or motor oil, this electric pole saw can reach up to 14 feet and take care of branches that need to come down from your tree. We also have a wide selection of Tesla and e-bike discounts in today’s New Green Deals, so you won’t want to miss that either.

Head below for other New Green Deals that we’ve found today and of course Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Trim your yard up as we head into spring

Amazon is offering the CRAFTSMAN 20V Cordless 14-foot Pole Chainsaw for $129 shipped. Down from $169, today’s deal marks the first major price drop that we’ve seen since last summer. In fact, it marks the second-best price that we’ve seen since it hit $98 back in July of 2021. Perfect for getting your yard ready for spring, this pole trimmer will get your trees in tip-top shape as the weather warms up. There’s up to 14 feet of reach with the extension pole and you’ll find the angled head and blade allow for reaching where straight trimmers just can’t get to.

The included 4Ah battery pack allows for extended runtime compared to smaller models and there’s a charger included as well so you can always be ready to go. Of course, being battery-powered means no motor oil or gas will be required, and maintenance is minimal. Not sure what you’d need a trimmer like this for? Well, often there are low-hanging branches on trees that can get in the way of proper airflow through the leaves or possibly are hanging off of a branch below precariously. This allows you to trim things up without having to hire a professional service, saving you both time and money this spring.

EGO Power+ 21-inch electric lawn mower now $100 off before spring at $399, more from $228

Amazon is now offering the EGO Power+ 21-inch 56V Cordless Electric Lawn Mower for $349 shipped. Normally fetching $499, you’re looking at the best discount to date thanks to the $150 savings applied today. This clocks in at $50 under our previous mention and is the lowest we’ve seen this year. Powered by a 5Ah battery and rapid charger that are included in the box, this EGO Power+ mower arrives with a cordless design that can tackle medium-sized yards with a 45-minute runtime. Alongside a 21-inch cutting deck, there’s also 3-in-1 bagging features for bagging, mulching, and side discharging cut grass. Spring is right around the corner, making today’s discount a great chance to start off the new season on the right foot with a chance to ditch gas and oil from your lawn care routine while saving some cash along the way.

Also seeing a discount today courtesy of Amazon, the EGO Power+ 18-inch 56V cordless chainsaw is also marked down for one of the very first times. Dropping down to $315.61, this electric offering is now matching the all-time low from the usual $379 price tag. It’s one of the first chances to save since launching last summer, and delivers much of the same integration with the EGO Power+ 56V ecosystem. Perfect for getting all of those suspicious tree branches taken care of as you begin cleaning up the yard from winter this electric chainsaw is also ideal for chopping up the rest of that fire wood that lasted through the past few months, too. Plus, the 14-inch model is also on sale right now for $227.99 with the on-page coupon, down from $299 and marking a new all-time low.

Don’t let the lights go out when the grid goes down

The official ALLPOWERS Amazon storefront is offering its S1500 Portable Power Station for $499 shipped once you clip the on-page coupon. Originally $999, this portable power station fell to $899 in February before hitting $799 earlier this month. Today’s deal marks a new all-time low at $500 off and saves 50% from its normal going rate at Amazon. This portable power station has a lot to offer, with a constant output of up to 1,500W and the ability to peak at 3,000W. There’s four total AC outlets, three 2.4A USB-A ports, and even 100W USB-C PD output. All of this combines to power up to eight devices at one time through traditional plugs, while you’ll also find a 10A cat plug for an additional output option. When it comes time to recharge the ALLPOWERS S1500, it can be plugged into the wall, connected to solar panels, plugged in through USB-C, or even your car’s 12V/24V outlet.

Now that you know what all the ALLPOWERS S1500 has the ability to do, what all could it help you with? Well, a power station like this is great to have around for many reasons. As we head toward summer, and into hurricane season later in the year, there’s a good chance your power might go out. There have already been a number of bad storms across the US so far this year, with many losing power for hours or days. A power station like this that can output up to 1,500W concurrent or 3,000W peak means you can run a refrigerator, freezer, and even your TV and networking gear all without having to use a single drop of gas or oil at home. Plus, this power station can be recharged with solar panels like we mentioned, so when the power is out for an extended period of time, you can still enjoy at least some creature comforts at home.

new green tesla deals

New Tesla deals

After checking out the CRAFTSMAN 20V cordless 14-foot pole saw on sale above, if you keep read, you’ll find a selection of new green deals that will make your Tesla experience better in multiple areas. From storage to keep recordings on to phone mounts, car chargers, and anything else we can find, it’ll be listed below. Each day we’ll do our best to find new and exciting deals and ways for you to save on fun accessories for your Tesla, making each trip unique. For more gift ideas and deals, check out the best Tesla shop. Keep reading on for e-bike, Greenworks, and other great deals.

New e-bike deals + electric scooter discounts

If you’re looking to get out and enjoy the sunshine still after using your new electric mower, than we recommend you experience it than on another e-bike or electric scooter you just got at a fantastic price through one of our deals and sale below. You can use it for fun, exercise, or even transportation to and from work or the coffee shop. We have several people here that will regularly commute to coffee shops or offices on their e-bike, as it cuts down on fossil fuel usage as well as allows them to enjoy some time outdoors on nice sunny days. Below, you’ll find a wide selection of new e-bike deals and electric scooter deal in all price ranges, so give it a look if that’s something you’d be interested in picking up. As always, the newest e-bike deal and electric scooter discounts and sales will be at the top, so shop quick as the discounts are bound to go away soon.

Additional New Green Deals

After shopping the CRAFTSMAN 20V cordless 14-foot pole saw on sale above, be sure to check out the other discounts we found today. These new green deals are wide-ranging from outdoor lawn equipment to anything else we find that could save you money in various ways, be that cutting gas and oil out of your life or just enjoying other amenities that energy-saving gear can bring. As always, the newest deals will be at the top, so shop quick as the discounts are bound to go away soon.

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