Mining bitcoins by computers uses a lot of energy because of the complex calculations that are involved. According to environmental groups, bitcoin production in the US caused CO2 emissions of 27.4 million tons in the period between mid-2021 and 2022. That’s three times the emissions of the largest coal-fired power plant in the US and nearly equal to the annual emissions of 6 million cars.
According to a recent White House study, 38 percent of global bitcoin mining now takes place in the US. That was only 3.5 percent in 2020. Due to China’s drastic restrictions on bitcoin mining, many bitcoin companies have moved to the US or are expanding their US operations.
An advocacy group for bitcoin miners in the US says the crypto industry uses relatively little power and that more than half of that energy comes from renewable sources.