Rising Energy Demand: Crypto and AI Set to Shake Up Power Sector, Experts Warn

According to energy experts, the growing influence of artificial intelligence (AI) and the crypto industry is expected to drive a significant surge in energy consumption, particularly through data centers, in the United States. Tim Fox, managing director of ClearView Energy, highlighted that while annual power demand has remained relatively flat for the past decade, forecasts now indicate a substantial increase in both annual consumption and peak demand. Data centers, essential for servicing AI and crypto operations, are anticipated to triple their electricity consumption by 2030, with crypto mining alone accounting for a significant portion of energy demand. Concerns arise regarding the readiness of the US electric grid to handle this surge, compounded by the challenges of transitioning to decarbonized energy sources amidst a looming climate crisis.