cryptocurrency
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US government requires energy reporting from cryptocurrency companies
The Biden administration mandates energy use reporting for cryptocurrency producers, addressing concerns about their impact on electricity grids and climate change.
In short:
- Cryptocurrency mining's high energy consumption is raising concerns about its effects on the U.S. power grid and climate change.
- The Energy Information Administration is collecting data from more than 130 U.S. cryptocurrency miners to understand the industry's evolving energy demands.
- The growing popularity of cryptocurrencies like Bitcoin has led to increased electricity usage, comparable to the entire energy consumption of Australia.
Key quote:
"Nearly all hours of the year, power demand from bitcoin mines pushes up the real-time cost of electricity in Texas."
— Ben Hertz-Shargel, grid electrification researcher.
Why this matters:
The energy-intensive nature of cryptocurrency mining not only strains the power grid but also contributes significantly to carbon emissions, highlighting an intersection between technology and environmental sustainability.
Elizabeth Sawin: Steps to re-invigorate the economy must free us from polluting fossil fuels.
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Photo by Jievani Weerasinghe on Unsplash
Pa. lawmakers examine cryptocurrency’s waste coal use
In Pennsylvania, some crypto-mining companies are taking advantage of incentives for burning waste coal and remediating former mineland.
Photo by André François McKenzie on Unsplash
White House proposes 30 percent tax on electricity used for crypto mining
The Biden administration wants to impose a 30 percent tax on the electricity used by cryptocurrency mining operations, and it has included the proposal in its budget for the fiscal year of 2024.
Photo by Kanchanara on Unsplash
Bitcoin is terrible for the environment – can it ever go green?
Cryptocurrency mining uses huge amounts of energy, but activists are urging for a change in its code to reduce its environmental impact
Violation at a Pennsylvania drilling site raises questions about lack of Bitcoin regulation
A gas and oil company mining for cryptocurrency in Elk County, Pennsylvania, was found to be in violation of state regulations when it installed equipment before getting approval from the state Department of Environmental Protection, but the company says it is following the rules.
Bybit/Flickr
How to reduce the environmental impact of crypto
The sins of FTX aren’t the only problem the crypto world needs to pay for.
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