In recent times, the USA has proven itself to be a leading hub in the field of Bitcoin mining.
The US Energy Information Administration (EIA) will commence the process of collecting information on the energy usage amounts of cryptocurrency miners starting next week.
In an announcement made on January 31, the EIA disclosed plans to conduct a temporary survey aimed at commercial cryptocurrency miners. This survey was approved as an urgent data collection request by the Office of Management and Budget (OMB), indicating the urgency of obtaining this information.
According to the EIA, the increase in Bitcoin‘s value has paved the way for more mining activities and raised electricity usage.
The EIA stated:
“The combined effects of increased cryptomining and stressed electricity systems create heightened uncertainty in electric power markets, which could result in demand peaks that affect system operations and consumer prices.”
The EIA will seek public opinion on the methods of collecting energy usage data from the field of cryptocurrency mining, alongside the survey.
Joe DeCarolis, director of the EIA, stated that this research aims to uncover the extensive impacts of cryptocurrency mining activities occurring in the USA.
DeCarolis mentioned that the EIA is focused on monitoring the development of energy demand associated with crypto mining, aiming to identify regions showing growth in this sector and quantitatively determine the energy sources meeting this demand.
Cryptocurrency Mining Activities in the USA
Mining operations have attracted the attention of regulators and lawmakers due to their intensive electricity consumption, pressure on energy grids, and carbon emissions.
Following China’s ban on these activities, the USA emerged as a leading mining hub from 2021 onwards. According to data from the Cambridge Centre for Alternative Finance (CCAF), the country contributed more than 37% of the average monthly hashrate share as of January 2022.
While the negative impacts of cryptocurrencies on the environment have been a focal point of some criticisms, industry experts argue that BTC mining could positively contribute to the balance and efficiency of energy systems.
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