The Biden administration recently announced that it would require large cryptocurrency mining operations to report their electricity consumption, via a press release from This follows fears that the industry could pose a threat to the country's power grids and accelerate the impacts of climate change.
To this end, the EIA targeted 137 “identified commercial cryptocurrency miners” working in the United States. These operations represent approximately 2.3 percent of national energy consumption. This breaks down into Which one is use during this same period. The world's crypto miners used as much electricity in 2023 as the entire country of Australia. This represents a lot of energy for Shiba Inu Brand Internet Money without any practical application.
Data collection began this week. The survey aims to get a sense of the growing demands of the industry and the regions of the country that are the largest crypto hotbeds, in order to refine the policy later. The EIA has already found that almost 38% of all bitcoins are mined in the United States, up from 3.4% in 2020.
“As cryptocurrency mining has grown in the United States, concerns have increased about the energy-intensive nature of this activity and its effects on the American electric power industry,” says the EIA. who provided more details about the investigation.
The EIA went on to note that large cryptocurrency mining operations could strain the power grid during peak periods, lead to higher energy prices for average consumers, and negatively impact emissions. of carbon dioxide linked to energy. Most of the world's electricity comes from burning fossil fuels, and this process releases carbon dioxide into the atmosphere.
Clean energy advocacy group RMI estimates U.S. cryptocurrency mining in the atmosphere every year. That's about the same amount as the U.S. rail industry's annual diesel emissions.
The nation's largest mining operations are scattered across 21 states, but largely concentrated in Texas, Georgia and New York. This is especially dangerous for Texans because the state's energy grid . Ben Hertz-Shargel, who runs energy research consultancy Wood Mackenzie, that cryptocurrency mining operations not only place a higher load on the state's energy grid, but also increase prices for consumers.
Energy costs in Texas are based on real-time demand, which is why Hertz-Shargel estimates that state residents are seeing their monthly utility bills increase by 4.7% due to cryptocurrency mining . He also said mining operations tend to open next to pre-existing renewable energy installations, diverting clean energy from nearby homes and businesses.
All is not doom and gloom in the crypto world. Back in 2022, Ethereum to make mining ether more environmentally friendly. The Ethereum Foundation claims this reduces carbon emissions from its mining operations by more than 99%. However, ether only makes up 17 percent of the