Bitcoin mining (production) in the United States consumes an average of 25 to 91 terawatt-hours of electricity annually; this corresponds to 0.6% to 2.3% of all electricity production in the country. This has been reported Web site US Energy Information Agency (EIA).
The cost of electricity to produce the world’s most popular cryptocurrency is comparable to the energy consumption of states like Utah or West Virginia at the low end, and the energy consumption of Washington state at the high end. .
Industrial cryptocurrency mining relies on powerful and energy-intensive equipment, and the main expense for miners is paying electricity bills. Therefore, businesses in this region, as a rule, look for places with low electricity tariffs.
A significant number of businesses moved to the United States following China’s mining ban, and maintaining affordable electricity prices there generally remains a policy priority, the EIA said.
To track what was happening, the agency analyzed industry publications, financial reports, news articles and Congressional materials to identify as many Bitcoin mining operations as possible. The EIA discovered 137 objects and confirmed mining-related facts in 101 of them.
The research found that miners routinely use old fossil fuel power plants, often saving them from closure. In some cases, crypto businesses are placing equipment on former industrial sites like an aluminum smelter in Texas, tapping into nuclear power plant networks, or using excess natural gas fields to be burned at mining sites to produce bitcoin.
The US accounted for just over 3% of global bitcoin mining at the start of 2020, but by 2022 that figure was closer to 38%, according to an independent estimate from the Cambridge Center for Alternative Finance.
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Source: Gazeta
Jackson Ruhl is a tech and sci-fi expert, who writes for “Social Bites”. He brings his readers the latest news and developments from the world of technology and science fiction.