The US Energy Information Administration (EIA) announced that it will begin collecting data on electricity use by US Bitcoin and cryptocurrency miners.
According to the official statement, starting next week, it will launch an investigation into the electricity consumption information of cryptocurrency mining companies operating in the USA.
At this point, EIA said some companies have been identified for energy consumption research.
EIA also stated that they will seek public comment on the collection of energy usage data of BTC and cryptocurrency miners.
It was stated that the research on the energy use of BTC miners was requested by the Budget and Management Office, which operates within the Office of the President under US President Joe Biden, under the title “Urgent collection of data”.
EIA Administrator Joe DeCarolis stated the following in the statement:
“We plan to continue analyzing and writing about the energy impacts of cryptocurrency mining activities in the United States.
“We will specifically focus on how energy demand for cryptocurrency mining is evolving, identify geographic areas with high growth, and measure the electricity resources used to meet cryptocurrency mining demand.”
According to the University of Cambridge's Bitcoin Electricity Consumption Index, Bitcoin miners will consume an estimated 121.13 terawatt-hours of electricity worldwide in 2023, while the IEA predicts in its recent report that BTC mining will use 160 terawatt-hours of electricity by 2026.
*This is not investment advice.