Cryptocurrency mining has been a lucrative business for many internet users, with digital currency experts managing to become millionaires thanks to these high-risk investments. However, some have also lost all their savings due to risky bets. The world of cryptocurrencies took a turn when China introduced its new energy legislation, leading to a shift in cryptocurrency mining to the USA.
Currently, the USA hosts 38% of the world’s cryptocurrency miners, and as a result, a study has revealed that the percentage of energy dedicated to covering this task is soaring. According to the Energy Information Administration (the AEI), cryptocurrency mining generates between 0.6% and 2.3% of the country’s total energy expenditure. The study also confirmed that approximately 10,275 megawatts are being used by the 137 operators involved in the study.
This level of energy consumption is a cause for concern for North American authorities, especially considering the rapid growth of cryptocurrency mining. The lowest percentage of energy consumption associated with cryptocurrencies is equivalent to the consumption of cities like Utah, which demonstrates that cryptocurrency mining consumes more energy than some of the largest territories in the United States.
The massive energy consumption associated with cryptocurrencies is a topic of concern, and the impact of this on the environment and energy resources is something that authorities are looking to address.
In addition to the environmental concerns, cryptocurrency investments have had their share of controversy, with cases of fraud and negligence resulting in losses for investors. Despite the risks and controversies, the world of cryptocurrencies continues to grow and evolve.