Kevin O’Leary takes a stand against ‘blood coins’ and supports the use of renewable energy to mine Bitcoin



Shark Tank and Dragon’s Den personality, Kevin O’Leary, stands against what he calls “blood coin” or “blood coins”, 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 beginning to do the same.

O’Leary pointed at the free nature of bitcoin production 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 50-65% of the total Bitcoin hashrate. Nobody wants to buy a Bitcoin from Chinasays O’Leary, who suggested that institutions were beginning to look for “Virgin” coins, dating back to an environmentally ethical source.

“All these issues have come to light in the case of Bitcoin. Institutions do not buy coins mined in China, coins mined with coal to produce electricity, coins mined in countries with sanctions. And suddenly there is a huge demand for virgin coins whose provenance is known “O’Leary said.

Eventually, the world will come to know two different types of Bitcoin: blood coin and clean coinO’Leary said:

“This is a really interesting problem, and for the next year or two, I see two types of coins: blood coins from China and clean coins mined sustainably in countries that use hydropower, not coal.”

O’Leary said he is regularly asked by concerned potential investors about the origin of Bitcoin and whether its production meets contemporary Western standards.. The investor said that from now on, he will only deal with clean Bitcoin.

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