Sichuan Tipped as Major Energy Source for Blockchain Development
China’s southwestern province Sichuan was recently named as a potential key energy player in the nation’s blockchain development due to its strong hydropower capabilities.
Former vice chairman of the China Securities Regulatory Commission, Jiang Yang, said that the nation should tap Sichuan’s cheap energy source to further blockchain development, at a Beijing-based conference.
«Sichuan should study further about how the province’s cheap hydropower resources can attract digital currency-related businesses,» he said, according to a «Sichuan Daily» report.
The application of blockchain technology has been primarily driven by bitcoin, Jiang said, with China leading the world in mining activity in the cryptocurrency. According to the senior official, China had mined 70 percent of the world’s bitcoin, followed by India at 4 percent and the U.S. at 1 percent.
Raining in Sichuan
Sichuan’s long, rainy seasons – up to five months per year – have made strong contributions to the province’s hydropower generation. Last year, the province generated a total of 78.2 gigawatts and exported 30 percent of its output to other regions, marking strong excess. For reference, one gigawatt can power 830,000 Chinese households for one year.
This could play a key role in China’s blockchain ecosystem which has been increasingly headlined nationwide following President Xi Jinping’s call to accelerate development.
