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The US asks that crypto mining companies report their consumption

The cryptocurrency mining was booming last year along with the increase in the value of currencies such as Bitcoin either ethereum. However, crypto mining comes with a huge energy cost. For this reason, members of Congress sent a letter to the feds to take action against Bitcoin mining in the US. In this, they demand that the energy consumption of companies engaged in mining.

Elizabeth Warren, along with Democratic members of Congress and federal regulators, will act before the high consumption of cryptocurrency mining in the United States. And it is that the energy consumption of seven of the largest mining companies in the US is greater than a Esports Extraswattnamely, 1 million kilowatts. This is equivalent to the same energy that all the houses of houston, the great metropolis of Texas. Therefore, they require mining companies to share data on their consumption and emissions.

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The impact of mining on consumption and pollution is increasing

Mining Bitcoin Cryptocurrencies Consumption Pollution

The famous Bitcoin was created in 2008 and supposedly released in 2009 where it had no rival as it was The only one that existed. However, in March 2022, there were already more than 9,000 cryptocurrencies and 70 of them exceeded $1 billion in market capitalization. The market has changed a lot, but Bitcoin is still the undisputed king of value.

That is why last year cryptomining had its best moment and the highest peaks in value of the most popular cryptos such as Bitcoin and Bitcoin were reached. ethereumreaching the $58,000 Y $4,500, respectively. Now, the United States is the largest Bitcoin mining center, with a very high energy consumption (1 Esports Extraswatt) when operating 24 hours up to date. To power this, electricity is used that comes from the Coal and the gasproducing huge amounts of pollution.

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Therefore, there is great concern about the impact on the climate change because of cryptocurrency mining. For example, Greenidge, one of the mining companies that were asked to report their consumption and emissions, was a reality check. This was responsible for 273,226 tons emissions of carbon dioxide in one year, equivalent to 60,000 cars.

Crypto mining drives up electricity prices

Crypto Mining Price Bill Electricity Esports Extraswatt

Pollution is just one of the problems, but energy consumption is an even bigger one for the economy. The energy consumption of mining in the US has already had victims, because it has shot the price of electricity. An extreme case was that of Plattsburghin New Yorkwhere its citizens saw the bills of electricity increase to 300 dollars. This happened at the end of 2018, when Bitcoin miners started their operations near the town.

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Therefore, US politicians are concerned about the impact if consumption by crypto mining continues to skyrocket. That said, in Texasstopped crypto mining companies temporarily this week and released a Esports Extraswatt of power. This measure occurred, since the heat wave it was going to saturate the network of an operator and it was requested that the energy consumption of the state be reduced.

“There is more of 27 Esports Extraswatts of cryptocurrency load that are working on the interconnection during the next four years. It’s an impossible load to add to the grid in such a short amount of time,” said a spokesperson for the Electric Reliability Council of Texas.ERCOT)

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