US Energy Department Powers Up: Cracking Down on Crypto Miners' Energy Consumption Amid Bitcoin Boom
Feb 1, 2024
The United States Department of Energy (DOE) is taking action in response to concerns over increased cryptocurrency mining activity due to the recent surge in Bitcoin's price. Starting next week, crypto miners in the US are required to report their energy consumption for the next six months. The move comes after the U.S. Energy Information Administration (EIA), a branch of the DOE, initiated a provisional survey to assess electricity usage by local crypto mining companies. The EIA expressed concerns that the 50% increase in Bitcoin's price over the past three months would drive more mining activity, leading to higher electricity consumption. Public comments on crypto miner energy use will also be collected as part of this initiative.