Crypto Miners Consumed Electricity Equivalent to Australia's Annual Usage in 2023, says EIA Report

In 2023, global cryptocurrency miners consumed electricity equivalent to the entire annual energy consumption of Australia, according to a report by the Energy Information Administration (EIA). The EIA's analysis revealed that cryptocurrency mining accounted for approximately 0.2% to 0.9% of global electricity demand. In the United States, crypto mining contributed to 0.6% to 2.3% of the country's electricity demand, similar to states like Utah or West Virginia. The energy-intensive nature of crypto mining has raised concerns about its impact on the electricity grid during peak demand periods, potential higher electricity prices, and its effect on carbon dioxide emissions. The industry has also been growing rapidly in the US, with a significant share of Bitcoin mining taking place in the country. Recently, the US government approved an emergency request by the EIA to collect data on energy usage from commercial crypto miners.