According to the research, the seven largest cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. companies in the US consume as much electricity as the city of Houston requires to supply its residents. They warn of a possible increase in demand in the coming years.
- Study warns about electricity consumption in cryptocurrency mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. operations.
- There are concerns about rising consumption and a growing carbon footprint.
- Over the next two years, companies are expected to increase their operations.
An investigation by Democratic representatives to the U.S. House of Representatives US Congress made visible the great impact that cryptomining companies have on electricity consumption in certain regions of the country, which would be reaching very high levels and generating consequences for energy networks.
Cryptocurrency companies consume a lot of electricity in the U.S.
Although this is a problem that has been referred to for several years, the most recent research indicates that only seven companies with a large volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of operations in the U.S. alone consume about 1,045 megawatts, a figure that is easily comparable to what would be required by the city of Houston, Texas, to supply its 2.3 million inhabitants.
For researchers the situation is alarming, because far from representing a ceiling for the industry that is established in the U.S., the study ensures that it is very likely that energy consumption will increase in the coming years, as several companies in the sector expressed their intentions to gradually expand their operations. Among these would be Marathon Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Holdings The company operated about 33,000 mining devices last February, and plans to increase this figure to about 199,000 devices by 2024.
As for the seven cryptocurrency companies used for the comparison, the data indicates that these entities could consume at least 2,399 megawatts in the coming years if they continue their operations. However, there are no official statements that some of them are planning to expand their operations amid the crypto winter that is shaking the market an area or arena, online or offline, in which commercial dealings are conducted. in this period.
In this regard, Massachusetts Senator Elizabeth Warren commented:
“This data…reveals that cryptocurrencies are large energy consumers that account an account is essentially a whose purpose is to track the financial activities of a specific asset/ for a significant, and rapidly growing, amount of carbon emissions.”
USA and cryptocurrency
The research presented comes at a particularly noteworthy time for the cryptocurrency market, as over the past few months certain regions in the US have been particularly attractive for cryptocurrency companies interested in setting up operations.
Although the country was already especially attractive for these companies, the interest grew enormously from May 2021, when the Chinese government issued restrictive measures against the marketing of cryptocurrencies, which also extended to cryptocurrency companies operating in certain provinces. This produced a significant exodus for companies established in the Asian country, which migrated to the US to resume normal operations and take advantage of the low costs of electricity.
Although companies have found fair conditions to operate on U.S. soil, certain cities and states are already beginning to feel the effects of the increase in average electricity consumption. For example is Texas, whose power grid reports pressure levels to supply all the necessary demand, although the fall of the market and high temperatures have led several companies based there to temporarily suspend operations.
- Samsung to produce Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. mining nanochips
- Bitcoin miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. in Texas shut down their equipment in the face of a threatening heat wave
- Fort Worth City Council in Texas approved pilot and city council to start mining Bitcoin
Version by Angel Di Matteo / DiarioBitcoin
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