“Noon Sunshine-Young Scholars Seminar” is a regular academic exchange platform held by School of Finance. It aims to offer valuable occasions of communications among scholars in our college, between teachers and students, the domestic and the oversea. In this semester, we keep our original intention, set off for a new voyage. We will devote ourselves to fostering the academic atmosphere in the college, and promoting the academic level for both teachers and students.

The sixth session of “Noon Sunshine-Young Scholars Seminar” for the Spring Semester in 2025 is arranged as follows:

Lecture topic

A story of fire and water: cryptocurrency mining, power choice，and Environmental cost

Keynote Speaker: Zhang Fan

Date

Thursday, April 24th, 2025

Time

12:00-13:30

Lecture Venue

Room 116, School of Finance

Abstract

We investigate the environmental impacts of cryptocurrency in China. We find a robust pattern of seasonal migration of Bitcoin mining activities that aligns with the country's monsoon seasons. Bitcoin mining requires a significant amount of electricity. Miners typically operate in cities with substantial hydroelectric power resources to take advantage of lower electricity price. However, during the dry season, when water scarcity increases electricity prices in these areas, miners relocate to cities with more coal-powered electricity supplies. This shift to coal-powered electricity for Bitcoin mining results in a notable increase in SO2 emissions, contributing to a 15% rise in annual SO2 emissions in China. Our study highlights the significant and adverse environmental consequences of cryptocurrency mining activities.