A recent analysis by the Energy Information Agency (EIA) estimates that large-scale cryptocurrency operations consume more than 2% of the country’s electricity.
And as Ars Technica noted in a report on Friday (Feb. 2), that’s around the equivalent of adding another state to the country’s power grid. While there is some smaller-scale mining happening on home computers, most crypto mining happens on a large scale, with the bulk of the cost of these operations going to electricity, the report said. That’s led miners to move to places where electricity rates are cheaper.
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Source: PYMNTS