As energy-intensive bitcoin mining grows in the United States, members of Congress explored ways to make bitcoins greener. One of the most crucial decisions was whether to use renewable energy to power bitcoin’s blockchain’s energy-intensive mining or to switch to alternative blockchains that require less energy, to begin with.
During a House Energy and Commerce Committee oversight hearing on the “energy ramifications of bitcoin,” the discussion occurred. The bitcoin network consumes more energy than Ukraine and Norway combined in a year.
If bitcoin were a country, it would be the 27th most energy consumer.
The United States is the de facto center for Bitcoin mining
Last year, after China restricted bitcoin mining within its borders due to its excessive energy consumption, the United States became the de facto center for bitcoin mining. Due to bitcoin’s high energy usage, the United States became the de facto center for bitcoin mining last year after China outlawed it within its borders.
The energy mix for crypto mining in the United States is continually changing. However, there are a few indicators to be concerned about. Miners have already aided in extending the lives of old coal-fired power plants, the dirtiest fossil fuel.
To reduce greenhouse gas emissions, renewable energy will be necessary to power everything from automobiles to home heating in the future. As a result, bitcoin mining would compete directly with those standards. When electricity demand exceeds supply, blackouts may occur, or extra fossil fuels may be used to supplement renewable energy sources.
On the other hand, bitcoin miners have no such plans. It’s impossible to predict if the network will ever consent to a transition since miners have already invested in the gear required to solve riddles. For the time being, it appears that cryptocurrencies will continue to consume an increasing amount of energy as long as bitcoin is the dominating player.