US to launch survey on cryptocurrency miners’ energy consumption US to launch survey on cryptocurrency miners’ energy consumption
The US has emerged as a major Bitcoin mining hub in recent years.
2 min read
Updated: Feb. 1, 2024 at 7:18 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The United States, through the Energy Information Administration (EIA), will start collecting data about cryptocurrency miners’ energy consumption rate within the nation starting next week.
On Jan. 31, the EIA revealed its intention to initiate a provisional survey targeting commercial cryptocurrency miners. This survey was authorized by the Office of Management and Budget (OMB) as an emergency data collection request, signifying the urgency of obtaining this information.
To get the approval, EIA wrote that Bitcoin price increases have incentivized more crypto mining activity, increasing electricity consumption.
“The combined effects of increased cryptomining and stressed electricity systems create heightened uncertainty in electric power markets, which could result in demand peaks that affect system operations and consumer prices,” EIA claimed.
In tandem with the survey, the EIA will actively seek public input on the energy usage data collection process from the cryptocurrency mining sector.
EIA Administrator Joe DeCarolis emphasized that the survey aims to shed light on the broader implications of cryptocurrency mining activities in the United States.
Furthermore, DeCarolis outlined the EIA’s focus on understanding how the energy demand associated with cryptocurrency mining is evolving. The agency aims to pinpoint geographical areas experiencing significant growth in this sector and quantify the electricity sources fueling this demand.
Crypto mining in the U.S.
Mining activities have attracted significant attention from regulators and lawmakers alike for their electricity-sapping operations and impact on power grids and carbon emissions.
Over the past years, the U.S. has emerged as a major mining hub following China’s ban on such operations in 2021. The Cambridge Centre for Alternative Finance (CCAF) data showed that the country contributed an average monthly hashrate share of more than 37% as of January 2022.
Notably, skeptics point to the top cryptocurrency energy usage’s negative impact on the environment as a stick against mining activities. However, industry experts have suggested that BTC mining activities can actively contribute to the stability and efficiency of power systems.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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