This graph looks incredible, making it a little harder to parse. But basically, cryptocurrency mining in the US consumed more energy than all computers in the entire country. every day. single. computer.
Yes, even on Mac.
Hell, at 50 billion kWh, US crypto mining used more power than almost any TV. Also, in case you forgot, there are quite a few TVs in America.
I’ve seen all the talk about cryptocurrency mining. [insert country here], and their stats are always pretty amazing. But they are always relevant to the entire global crypto network, or Bitcoin mining around the world. And it’s very easy to defend yourself against such broad terms.
But when it’s just one country’s output despite being the biggest contributor to the Bitcoin mining industry, it seems to me to be much more poignant.
This all comes from the White House report on the proposed Digital Asset Mining Energy (DAME) excise tax. (opens in new tab) We use the graph above to highlight just how much power our futile efforts actually use. Instead, cryptocurrency companies could cause energy prices in surrounding areas to skyrocket, even for ordinary citizens.
All in pursuit of âdigital assets for which broader social benefits have yet to be realized.â
This is full image (opens in new tab) With all warnings:
The cryptocurrency mining figures in the graph are estimated using both global crypto energy usage and the US share of Bitcoin and Ethereum mining until the âmergerâ happens. (opens in new tab)To be fair, as an estimate, the graph shows potential fluctuations in overall numbers, so in reality it’s as low as 30 billion kWh in use (still more than all these computers) or as high as 60 billion kWh.
That cap puts it in the same ballpark as the power drawn in total by all lights across the country in 2022.
Everything else on that list provides at least some benefit from a business point of view, or just from a social point of view, but neither Bitcoin nor Ethereum contribute anything to the harm they cause. , the latter not actually mined.
It is certainly unsustainable and hopefully punitive taxes such as the DAME levy will make minting useless digital assets so unprofitable that the industry will come to a halt. Maybe I’m the only one on a high horse. There may come a day when all the damage it’s done is worth it.
