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The Biden administration now requires large cryptocurrency miners to report their energy use
The Energy Information Administration recently announced that it would start to collect energy usage information from larger-than-average cryptocurrency mining operations. The program will take a look at over 130 mines that account for more than two percent of electricity usage nationwide.
“As cryptocurrency mining has increased in the United States, concerns have grown about the energy-intensive nature of the business and its effects on the US electric power industry,” the EIA said in a report that offered further details behind the survey. The EIA went on to note that large crypto mining operations could strain the electricity grid during peak periods, force higher energy prices for average consumers and negatively impact energy-related carbon dioxide emissions. Energy costs in Texas are based on real-time demand, so Hertz-Shargel estimates that state residents see an increase of 4.7 percent in their monthly utility bills due to cryptocurrency mining.
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