Shark Tank and Dragon’s Den personality Kevin O’Leary takes a stand against what he calls “blood coin” – that is, Bitcoin (BTC) mined in China. The investor stated that from now on he would only deal with “clean coins”, coins mined with renewable energy, and suggested that other institutions were starting to do the same.
China controls 50% of Bitcoin mining while the United States reaches 14%, reveals a new survey
O’Leary pointed to the free nature of Bitcoin production by noting that most other products in the world are manufactured in accordance with institutional and regulatory compliance standards. O’Leary said, during an interview with CNBC:
“We comply with the large institutions, we have agreements on how assets are made, if carbon is burned, if human rights are involved, if it’s done in China.”
Every example O’Leary listed is one that applies to the world’s largest Bitcoin mining region – China, where cheap coal-fired electricity accounts for roughly 50% to 65% of the total Bitcoin hashrate. Nobody wants to buy a Bitcoin from China, says O’Leary, who suggested that institutions were starting to look for “virgin” currencies, dating back to an environmentally ethical source.