Research To Be Launched For Bitcoin Miners?

The U.S. Energy Information Administration (EIA) announced its decision to launch a new initiative to collect energy consumption data from U.S.-based Bitcoin and cryptocurrency miners.

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According to an official announcement, research will be launched starting next week on the electricity consumption of cryptocurrency mining companies in the U.S.

The Energy Information Administration (EIA) announced that certain companies have been selected for the energy consumption survey. They also stated that they will seek public comment to collect energy usage data from BTC and cryptocurrency miners. This step is expected to increase transparency in energy consumption in the sector.

It was stated that the research on the energy use of BTC miners was requested by the Office of Management and Budget, which is affiliated with the Presidential Office under US President Joe Biden, under the title “Urgent collection of data”.

Joe DeCarolis made the following statements (Bitcoin Miners):

“We plan to continue to analyze and write about the energy implications of cryptocurrency mining activities in the United States.

We will focus specifically on how energy demand for cryptocurrency mining is evolving, identify geographic areas with high growth, and measure the electricity sources used to meet cryptocurrency mining demand.”

According to the Cambridge University Bitcoin Electricity Consumption Index, the estimated global electricity consumption of Bitcoin miners in 2023 is 121.13 terawatt-hours, while a recent report by the IEA estimates that BTC mining will use 160 terawatt-hours of electricity by 2026.

This research is significant because it will provide more accurate data on the energy consumption of Bitcoin mining in the U.S. This data can be used to inform policy decisions about the future of Bitcoin mining in the country.

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The research is also expected to shed light on the environmental impact of Bitcoin mining. This is a growing concern, as Bitcoin mining consumes a significant amount of energy.

The results of the research will be published in a report by the EIA in early 2024.

The report is expected to be of interest to policymakers, energy companies, and Bitcoin miners.

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