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Market News Demand for Crypto Mining Electricity in the U.S. May Increase 2.3% by 2023

Demand for Crypto Mining Electricity in the U.S. May Increase 2.3% by 2023

By 2023, cryptocurrency mining in the United States is anticipated to consume more electricity than millions of households, according to a new EIA survey and the industry's rapid expansion following China's ban.

TOP1 Markets Analyst
2024-02-02
9118

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Bloomberg estimates that by 2023, the electricity consumption associated with cryptocurrency mining operations in the United States could account for between 0.6% and 2.3% of the nation's total demand. Based on the estimation, the yearly electricity requirements to sustain cryptocurrency mining could be compared to the power usage of over three million to six million residential dwellings. The expansion of mining operations in the United States can be ascribed to the relocation of numerous companies from China subsequent to the prohibition of the sector by the country in May 2021. In the United States, a considerable number of large-scale miners have initiated their operations in energy-rich states like Texas and New York by going public within the last three years.

 

As of now, the Energy Information Administration (EIA) has identified 137 facilities across 21 states, with Texas, Georgia, and New York comprising the majority. Data from the Cambridge Bitcoin Electricity Consumption Index (CBECI) and internally gathered information were utilized in the agency's calculations. The report indicates that CBECI projects that the electricity required for Bitcoin mining will account for approximately 0.2% to 0.9% of the worldwide electricity demand in 2023. Global electricity consumption for cryptocurrency mining was approximately equivalent to the combined electricity usage of Greece or Australia, according to these estimates.

 

Bitcoin mining is an energy-intensive procedure in which miners validate blockchain transactions on specialized computers in exchange for tokens as compensation. The EIA intends to initiate a mandatory survey with the purpose of methodically assessing the electricity usage linked to cryptocurrency mining operations. Monthly data collection will occur between the months of February and July.

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