Energy use from US cryptomining firms is contributing to rising utility bills
The largest US cryptomining companies have the capacity to use as much electricity as nearly every home in Houston, Texas; energy use that is contributing to rising utility bills, according to an investigation by Democratic lawmakers.
Cryptomining is a highly energy intensive process involving the use of specialized computers running constantly to solve complex math problems in order to create new virtual coins.
Energy use in the industry is greater than that of entire countries. The US has become the center of cryptomining after it was banned in China. More than a third of the global computing power dedicated to mining bitcoin, the largest cryptocurrency, comes from the US, Senator Elizabeth Warren and five other Democrats reported in a letter to the Environmental Protection Agency.
“The results of our investigation … are disturbing … revealing that cryptominers are large energy users that account for a significant – and rapidly growing – amount of carbon emissions,” the letter states. “It is imperative that your agencies work together to address the lack of information about cryptomining’s energy use and environmental impacts.”
The congressional Democrats have asked the EPA and the Department of Energy to require cryptominers to disclose emissions and energy use, noting that regulators know little about the full environmental impact of the industry.
The lawmakers solicited information from seven of the largest US cryptomining companies, including Stronghold, Greenidge, Bit Digital, Bitfury, Riot, BitDeer and Marathon, about their energy sources and consumption and the climate impacts of their operations. The data revealed that the industry is using a substantial amount of electricity, ramping up production and creating
Read more on theguardian.com
