Cryptocurrency companies must now report energy use to government

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The Biden administration announced the new rule, citing concerns over what the energy-intensive industry could mean for climate change and energy security.

The Biden administration is now requiring some cryptocurrency producers to report their energy use following rising concerns that the growing industry could pose a threat to the nation’s electricity grids and exacerbate climate change. The Energy Information Administration announced last week that it would start collecting energy use data from more than 130 “identified commercial cryptocurrency miners” operating in the U.S.

The rise and fall — and rise again? — of bitcoin mining in Texas The new EIA report found that the world’s crypto miners used as much electricity in 2023 as the entire country of Australia, accounting for up to 1% of global electricity demand. In the U.S., the report said, just 137 mining facilities were responsible for up to 2.3% of the nation’s total electricity demand last year — roughly the same demand as the state of West Virginia.

 

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