China's energy efficiency problems and the role of mining

the aim of the study is to identify the problems of increasing energy efficiency and the state of the crypto industry in China as a factor influencing its dynamics. Within the framework of this subject study area, the role of energy efficiency in the context of the global energy transition is determined; the results of the SDG progress in the field of energy efficiency are analyzed; the global and regional dynamics of energy consumption and energy intensity of GDP are studied; trends, priorities, factors, medium-term prospects and contribution of China to the dynamics of energy efficiency are identified; trends and the impact of the cryptocurrency mining market on global energy efficiency are studied; factors and problems influencing the development of the crypto industry and the mining market in China are identified; differences in the views of experts on this issue are revealed, etc. Methods: the methods used to study the dynamics and factors of energy efficiency include a synthesis of quantitative and qualitative analytical tools, temporal and spatial approaches, dynamic data analysis, legal documents analysis and generalization of expert opinions, methods of comparative analysis and data grouping, methods of graphical and tabular presentation of information, etc. Findings: The study found that despite the general global trend of accelerating energy efficiency growth, a number of factors, such as fossil fuels low prices, insufficient funding and effectiveness of government programs, high inflation, the debt crisis, etc., have a negative impact on this process. It was also found that the Asia-Pacific region, with China playing a leading role, makes the greatest contribution to reducing the energy intensity of global GDP. Factors hindering the achievement of sustainable energy goals in the modern energy transition include low prices for fossil fuels, insufficient public funding, low efficiency of government programs, shortage of skilled workers, etc. The benefits of energy efficiency growth received by countries include reduced risks of high volatility of electricity prices, increased energy security, the emergence of new types of economic activity, etc. Achieving energy efficiency goals in China with increasing energy demand is constrained by the need to maintain the GDP growth rate and energy-intensive industries, the lack of the necessary market signals to reduce it, the high share of coal in the energy balance, etc. It was revealed that the migration of Chinese miners and the changing methodology for assessing the energy costs of mining under the existing cryptocurrency mining ban in China complicates the quantitative analysis of the impact of mining on the GDP energy intensity, but at present the PRC is the world's largest owner of the Bitcoin mining network, and the foreign Chinese farms have a price advantage over the local mining business. Conclusions: Being a leader in the use of renewable energy sources, China will experience a number of obstacles to reducing the GDP energy intensity and the growth rate of greenhouse gas emissions, including the activities of illegal miners, which are currently banned in mainland China. A study of expert opinions showed the ambiguity of views of Chinese experts on the prospects and impact of the mining market on the Chinese economy. At the moment, there is a desire by the Chinese authorities to reduce the negative effects of mining activities with the help of regulatory measures and at the same time maintain leadership in the development of blockchain technologies, as well as create conditions for turning Hong Kong into a legal world center of the crypto industry. Taking into account the fact that Russia is among the top three leaders in the mining market by the end of 2023, while remaining committed to the achieving climate neutrality goal, it is concluded that China's experience and its development strategy of this market segment are of interest and require further study.

China, energy efficiency, renewable energy sources, emissions, Sustainable Development Goals, energy transition, advantages, energy efficiency factors, mining