![]() The transition above shows NASA satellite images of nighttime lights in Houston before (Feb. In February 2021, Texas suffered a major power crisis after severe winter storms caused failures across the state’s troubled power grid. The Texas grid operator ERCOT estimates that crypto miners may increase energy demand by up to 6 gigawatts by mid-2023, roughly the equivalent of adding another Houston to the grid.” “When it comes to Bitcoin’s energy use, it’s currently something of a ‘wildcatter’ market. ![]() ![]() Rhodes of the Center on Global Energy Policy. “Bitcoin mining operations are in an arms race between time, the volume of miners, and the efficiency of the machines they use,” said Joshua D. Producing that energy emits some 65 megatons of carbon dioxide into the atmosphere annually - comparable to the emissions of Greece - making crypto a significant contributor to global air pollution and climate change.Īnd crypto’s thirst for energy is growing as mining companies race to build larger facilities to cash in on the 21st century gold rush. How much energy? Bitcoin, the world’s largest cryptocurrency, currently consumes an estimated 150 terawatt-hours of electricity annually - more than the entire country of Argentina, population 45 million. Even though you might not be able to buy a loaf of bread with Bitcoin at the corner store, many investors are putting a lot of legal tender money into cryptocurrencies.īut crypto has a dirty little secret that is very relevant to the real world: it uses a lot of energy. The market capitalization of the almost 19,000 cryptocurrencies in circulation is currently around $1.75 trillion - about the same as the gross domestic product of Italy, the world’s eighth largest economy. Though skeptics may characterize cryptocurrency as “fake money,” “worse than tulip bulbs,” or a “ greater fool” scheme, it is a very real business.
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