Kevin O’Leary: I Won’t Buy Bitcoin Mined in China

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NEW YORK, NY - FEBRUARY 08: TV personality Kevin O'Leary attends the Build series to Discuss "Shark Tank" at Build Studio on February 8, 2017 in New York City. (Photo by Jim Spellman/WireImage)

Kevin O’Leary announced that he will not buy BTC produced by Bitcoin miners in China. O’Leary wants to buy Bitcoins mined in countries that use clean energy.

Investor Kevin O’Leary spoke about Bitcoin on CNBC’s Capital Connection program. O’Leary stated that Bitcoin mining in China is harmful to the environment. China, which uses coal for electricity generation, makes Bitcoins extracted from there dirty, according to the investor.

“I will not buy a coin I do not know where and when it was mined or its origin.”

“I see two types of cryptocurrencies in the future”

The investor mentioned that there will be two types of cryptocurrencies in the next year or two. According to him, the first will be dirty cryptocurrencies from China, and the second will be clean cryptocurrencies from countries that use clean energy. Kevin O’Leary, “I’m on the side of cryptocurrencies that will be mined with clean energy.” said.

According to Cambridge Bitcoin mining 2020 data, China ranks first in BTC mining with a rate of 65%. The USA follows China with 7.4%.

He touched on corporate companies

Besides concerns over carbon emissions and human rights issues, O’Leary said that products manufactured in China are also a cause for concern. He stated that all these concerns are now starting to apply to Bitcoin.

According to O’Leary, corporate companies will not buy Bitcoins produced in China using coal. Investor, “Institutional companies do not want to support China due to human rights problems.” said.

Clean Bitcoin mining is spoken in the USA

Miami Mayor Francis Suarez said that 90% of Bitcoin mining is done outside of the USA, and that energy resources that harm the environment are used in places where it is done. Stating that Miami has sufficient clean energy resources, Suarez said that Miami could become a center for BTC mining.

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