Energy use from US cryptomining firms is contributing to rising utility bills [View all]

[Eugene]

Source: The Guardian

Energy use from US cryptomining firms is contributing to rising utility bills

An investigation revealed that companies use enough energy to power Houston, and contribute to growing carbon emissions

Dani Anguiano in Los Angeles
@dani_anguiano
Sat 16 Jul 2022 06.00 EDT
Last modified on Sat 16 Jul 2022 06.01 EDT

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.”

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Read more: https://www.theguardian.com/technology/2022/jul/16/cryptomining-energy-use-investigation-carbon-emissions

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Related: 2022.07.15 Letter to EPA and DOE Re Cryptomining Environmental Impacts