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A recent evaluation by the Energy Information Agency (EIA) estimates that large-scale cryptocurrency operations eat greater than 2% of the country’s electricity.
And as Ars Technica noted in a report on Friday (Feb. 2), that’s across the equivalent of adding one other state to the country’s power grid.
While there may be some smaller-scale mining happening on home computers, most crypto mining happens on a big scale, with the majority of the fee of those operations going to electricity, the report said. That’s led miners to maneuver to places where electricity rates are cheaper.
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According to the EIA, a variety of crypto mining has moved to the U.S. — where lower energy prices have typically been a policy priority — following China’s crackdown on the digital asset space.
Meanwhile, the Ars Technica report also cites an independent estimate by the Cambridge Centre for Alternative Finance which found that the U.S. was home to 38% of bitcoin mining at the beginning of 2020, up from a bit greater than 3% two years earlier.
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The Cambridge Center’s research calculated that bitcoin mining now uses the equivalent of Utah’s electricity consumption. That’s a more conservative estimate. On the high end, the figure is perhaps the such as all of the electricity utilized in the state of Washington.
It’s information like this that last 12 months led the White House to propose the Digital Asset Mining Energy (DAME) excise tax, which might levy a tax on crypto mining corporations equal to 30% of the cost of the electricity they use.
“Currently, crypto mining firms would not have to pay for the total cost they impose on others, in the shape of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate,” the White House Council of Economic Advisors (CEA) wrote on its blog.
The CEA argues that — versus other energy-intensive industries — “crypto mining doesn’t generate the local and national economic advantages typically related to businesses using similar amounts of electricity.”
In response, the Chamber of Digital Commerce called on lawmakers to focus less on penalizing crypto miners and more on collaborating with the industry on ways to cut back energy consumption while allowing the sector to grow.
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