Congressional Investigation: Bitcoin Miners Use As Much Energy As A Large Texas City
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Answer Congressional Investigation: Bitcoin Miners Use As Much Energy As A Large Texas City
An investigation by Congressional Democrats has found that the seven largest bitcoin mining companies in the United States consume as much energy as Houston, a large city in Texas, according to the New York Times.
Senator Elizabeth Warren, a representative of the party’s progressive wing known for her anti-crypto stance, claims that miners account for a large portion of carbon emissions.
Warren wants to make it mandatory for crypto miners to report energy use and the amount of carbon dioxide emissions associated with their operations.
In April, a senator from Massachusetts told that buying bitcoin is like buying air in an almost outright cash of bitcoin with no point in investing in it.Read:UK cryptocurrency exchange hacked, losing $10 million
Miners operate large data centers with specialized hardware to solve complex mathematical problems.
Marathon Digital, for example, operates as many as 33,000 highly specialized computers, and plans to increase that number dramatically by early 2023.
The United States prides itself on having the largest share of the global Bitcoin hash.
Georgia, Texas, and Kentucky are the top three crypto-mining states as of May 2022.
Bitcoin miners in Texas voluntarily decided to turn off their machines earlier this month due to an intense heat wave stressing the power grid and threatening its stability.
Residents were also asked to turn off non-essential appliances in order to prevent power outages in the state.Read:After the success of his predictions in the past months…Will PlanB’s model fail to predict the closing price of Bitcoin in November?
The rise in energy consumption in the crypto-mining industry has caused energy prices for Texas residents to rise.
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