Crypto mining consumes as much energy as all home computers combined — with massive consequences for the climate.
President Joe Biden speaks during a visit to Wolfspeed, a semiconductor manufacturer, as he kicks off his Investing in America Tour on March 28, 2023 in Durham, North Carolina.wreaking havoc on America’s efforts to take on the climate crisis. President Biden wants to crack down.that the president’s proposed 2024 budget includes the Digital Asset Mining Energy tax, which would tax crypto firms at 30 percent of the cost of the electricity they use to mine digital currency in the United States.
“Cryptominers’ high energy consumption has negative spillovers on the environment, quality of life, and electricity grids where these firms locate across the country,” the statement read. “Pollution from electricity generation falls disproportionately on low-income neighborhoods and communities of color.
It’s frankly astonishing how much energy it takes to mine crypto, especially considering most Americans probably don’t know much about the practice — if they’re even aware of it at all. Crypto mining is estimated to have consumed somewhere between 36-66 billion kilowatt hours of electricity in 2022,. The number is on par with how much electricity was used to power all home computers, or all televisions, or, at the higher end of the estimate, all residential lighting in the United States.
Biden isn’t the only politician who wants to take action against crypto mining. Sen. Ed Markey and Rep. Jared Huffman in March introduced the Crypto-Asset Environmental Transparency Act, which would require crypto companies to disclose all of their emissions. “When one year of U.S. Bitcoin mining creates as many carbon emissions as 7.5 million gas-powered cars — we have a problem,” Markey wrote on Twitter. “The crypto industry is growing, but so is the fight for climate justice.
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