Bitcoin Mining's Massive Energy Use Sparks Calls for Urgent Regulation
• Bitcoin mining's energy use more than doubled in 2023, now consuming as much electricity annually as Australia.
• Bitcoin's "proof of work" process demands increasingly high-power computing, leading to a massive carbon footprint.
• With mining banned in China, the US has become the world's biggest crypto mining hub, stressing local grids.
• The US Energy Information Administration will start collecting energy use data from 130+ commercial crypto miners.
• Efforts to regulate the industry face challenges due to crypto’s resistance to governance, requiring stringent, enforceable measures.