A recent article by Drew Millard, published by The Outline and titled ‘Bitcoin mining now accounts for almost one percent of the world’s energy consumption’, examines the growing use of electricity in bitcoin mining, as well as how this new market demand is affecting global energy grids. When analysts say that cryptocurrency mining uses a lot of electricity, they aren’t joking. Per the article, bitcoin mining alone currently expends more electricity than is required to power all of New York State. In a Senate testimony, Princeton computer scientist Arvind Narayanan estimated that bitcoin mining currently uses about five gigawatts of electricity per day. While this rising demand has led companies involved in large-scale mining operations to search for more energy efficient mining solutions, Narayanan suggests that the only true determining factor for future energy consumption increases relates to the cryptocurrency’s price. “If the price of a cryptocurrency goes up, more energy will be used in mining it; if it goes down, less energy will be used,” Narayanan told the committee. “Little else matters. In particular, the increasing energy efficiency of mining hardware has essentially no impact on energy consumption.”
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