Bitcoin mining businesses’ energy use is being studied by the United States Energy Information Administration (EIA).
Like a GPU slicing through blockchain computations, the crypto mining drama in the US is heating up. The United States isn’t doing nothing while the energy usage of this digital gold rush comes under intense scrutiny. In its quest to determine the precise amount of power used by these cryptocurrency activities, the Energy Information Administration (EIA) went very deep. And come on, this isn’t even close to being about a couple of AA batteries; the amount of energy being used could easily power a small nation, or at the very least keep the lights on in a medium-sized city.
When it comes to energy usage on a worldwide scale, cryptocurrency mining has never been beaten. An enormous number of computers operating continuously are needed to complete the procedure, which is crucial for protecting blockchain networks and verifying transactions. Aside from participation medals, there is a clear victor in this digital marathon, and everyone else may as well burn their power bills.
The Energy Information Administration has now announced that it is time to examine this power-hungry beast more closely, which raises an eyebrow in concern. The United States is home to a large portion of the world’s Bitcoin mining operations, therefore the government has started a program to monitor how much power these digital miners use. In areas like Georgia, New York, and Texas, where miners have set up shop in pursuit of the cheapest electricity, it’s important to know who is consuming what and how it affects the grid and, in the end, the wallets of regular individuals.
This is a valid worry. The EIA administrator, Joe DeCarolis, painted a disturbing picture of a future in which more cryptocurrency mining on top of an already overloaded power grid might cause demand peaks to skyrocket, endangering system operations and driving up costs for consumers. As a warning story, the specter of Plattsburgh, New York, lingers. In 2018, the locals of this mining hotspot caused a dramatic increase in their electrical costs by digitally excavating.