Bitcoin Farms

US Bitcoin Mining Consumes 50 Billion kWh of Energy in 2022

There have been rivers of ink written on each side of cryptocurrency since that fateful day on this planet. Publishing a Bitcoin whitepaper. But one query that’s consistently being introduced into focus (and understandably) surrounds energetic and environmental sustainability. Now, the White Home itself is fueling the fireplace Via DAME Tax offerobjective, and we quote: “to make crypto miners pay for the prices they inflict on others.”

How do you ask? By imposing an extra 30% tax penalty for cryptocurrency mining companies on any power they devour on this course of. In response to the White Home, that is “an instance of the President’s dedication to addressing each longstanding nationwide challenges and rising dangers – on this case, the financial and environmental prices of present practices for mining crypto property.” The concept is straightforward: Bitcoin mining consumes a variety of energy; this consumption raises electrical energy costs; That is dangerous for anybody unlucky sufficient to share a grid with a cryptocurrency mining agency.

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