A new report lays out the stakes and how the Biden administration might respond.
across the US, there’s growing concern that the most electricity-hungry cryptocurrencies could put even more strain on already vulnerable energy systems.
Crypto asset operations use between 0.9 and 1.7 percent of the US’s total electricity use, according to the new report. And burning through that much electricity generates greenhouse gas emissions that are heating up the planet. Crypto asset activity in the US is responsible for about as much greenhouse gas pollution as all the diesel fuel used on the nation’s railroads, the report says. That’s 25 to 50 million metric tons of carbon dioxide per year, or 0.4 to 0.
Proof of work gobbles up most of the energy that the crypto industry uses. With proof of work, crypto “miners” race to solve puzzles for the chance to validate blocks of transactions. Those blocks get added to the blockchain, and the miners receive new tokens in return. This system incentivizes miners to ramp up their computing power for a better shot at winning that reward.
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