If we talk about the year 2023, then crypto miners around the world will collectively consume so much energy for crypto mining that it is equivalent to the electricity of the entire country of Australia, according to the latest report of the Energy Information Administration (EIA). It is mentioned in.
A recent analysis by the Energy Information Administration (EIA) revealed that global electricity use for cryptocurrency mining ranges from 0.2% to 0.9% of the world’s total electricity demand, which is very high, and this amount of electricity is used by many Small countries can stay lit for years.
Crypto Miners Used As Much Electricity As All of Australia Last Year
In the United States alone, crypto miners have consumed so much energy, which is 0.6% to 2.3% of the entire country’s electricity demand. By comparison, this energy is roughly equal to the energy needs of states like Utah or West Virginia.
The process of “mining” cryptocurrencies like Bitcoin involves solving very complex cryptographic puzzles to add new tokens to the blockchain. This work is done by powerful computers, which use a lot of electricity associated with this industry.
The crypto mining business is becoming increasingly subject to the energy crisis, with the demand for more energy increasing as the industry expands. A New York Times analysis last September revealed that Bitcoin mining alone consumes seven times more energy than Google annually, totaling about 91 terawatt-hours.
In view of the increasing energy demands of crypto business, it can be said that in the coming time, along with the increase in electricity prices, an increase in carbon dioxide in the atmosphere can also be seen.
Hi there! I’m Simon Brown, a passionate writer delving into the exciting realm of cryptocurrency. From dissecting crypto news to making bold predictions, I cover it all. Join me on this thrilling journey through blockchain, NFTs, and beyond!