US Department of Energy to Investigate Bitcoin Miners’ Energy Consumption

The US Energy Information Administration (EIA) will conduct a survey of mining companies regarding their electricity consumption.

We’re initiating collection of data regarding #electricity use by US #cryptocurrency miners.

We’ll ask about their electricity consumption so we can better understand their energy demands.

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— EIA (@EIAgov) January 31, 2024

The EIA, a statistical and analytical agency within the Department of Energy, will also gather public comments on this topic.

“We will focus on how energy demand for cryptocurrency mining is evolving, identify geographic areas with high growth, and quantify the sources used,” said EIA Administrator Joe DeCarolis.

The agency plans to complete the study within six months.

In 2021, the US became the leader in Bitcoin hash rate, overtaking China from the top position.

In subsequent years, the country further widened its lead. According to MinerMetrics, the United States accounts for approximately 40% of the total computational power of the first cryptocurrency’s network.

Back in January, Bitcoin’s hash rate plummeted by 33% over a few days amid cold weather in Texas, which led to local miners shutting down.