DIGITAL ASSET MINING

There is an opportunity for the United States to lead major technological innovation through digital asset mining, which will strengthen national security, spur economic growth, and accelerate a transition into clean energy.

OUR MINING INITIATIVE

While much of the policy focus on digital assets has been on regulatory guidance and clarity, Digital Asset mining has become an important discussion topic since the hashrate migration from China in 2021.

The Chamber and our members have prioritized engagement with policymakers regarding Proof of Work mining and the opportunities it presents for the future of energy and the transition to clean energy in the U.S.

Our data-driven Mining Initiative seeks to promote the facts and dispel the myths around Digital Asset mining and serves as a resource to policymakers through direct stakeholder engagement, industry briefings and education campaigns. 

THE FACTS: MINING & ENERGY

Electricity in the United States is currently produced with diverse energy sources and technologies. Renewable energy sources provide an increasing share of U.S. energy with solar and wind now being the least expensive energy on earth.

MINING TRANSPARENCY 

Bitcoin mining consumes ~0.2% of the world’s energy generation. It is the most transparent use of energy in the world – Similar to how we can mathematically verify the supply of bitcoin, we can verify its energy usage.

GLOBAL CONSUMPTION

Bitcoin represents 0.04 percent of global primary energy consumption and 0.1 percent of global carbon emissions. Energy consumption is not necessarily linked to carbon emissions. A variety of energy sources exist, and as renewable options become more affordable, digital asset miners will be further incentivized to embrace energy innovation.

 

 

STRANDED ENERGY

Mining can help renewables gain market share by working with our current energy methods over time. Today the energy grid is static, and transmission lines are expensive and centralized.  This causes stranded energy and grid instability due to the adoption of intermittent energy sources. The move to a renewable future is a transition. Renewables will continue to gain market share as new technologies are developed and adapted, which mining can help facilitate.

 

 

STRANDED ENERGY

Mining can help renewables gain market share by working with our current energy methods over time. Today the energy grid is static, and transmission lines are expensive and centralized.  This causes stranded energy and grid instability due to the adoption of intermittent energy sources. The move to a renewable future is a transition. Renewables will continue to gain market share as new technologies are developed and adapted, which mining can help facilitate.

 

 

RENEWABLE GROWTH

Digital Asset miners buy energy from energy providers when energy is abundant, drawing from the grid the rest of the time. In doing so, miners monetize a renewable asset that would otherwise be lost, while maintaining generally high uptime. During periods of energy scarcity, miners can be turned off. The net effect is that renewables become more economical, as they can monetize their asset even when the grid has no demand for it.

 

 

ENERGY CONCERNS

Concerns have been raised that bitcoin mining may take energy away from the consumer.  US energy generation and consumption has been steady at 4Twh for years and consumption is actually going down.  The amount of electricity lost in transmission and distribution each year is 19.4x that of the Bitcoin network. Bitcoin mining soaks up excess supply during off-peak periods, improving economics of renewable energy projects. Miners can curtail load when prices are high, giving households better access during times of heavy demand.

 

 

ENERGY CONCERNS

Concerns have been raised that bitcoin mining may take energy away from the consumer.  US energy generation and consumption has been steady at 4Twh for years and consumption is actually going down.  The amount of electricity lost in transmission and distribution each year is 19.4x that of the Bitcoin network. Bitcoin mining soaks up excess supply during off-peak periods, improving economics of renewable energy projects. Miners can curtail load when prices are high, giving households better access during times of heavy demand.

 

 

Digital Shovels: Exploring The State of U.S. Mining.

A Parallel Live Event.  Bitcoin mining: Fact, fiction, and a look into the future.  

BITCOIN NET ZERO

NYDIG explored through data analysis  the future carbon footprint of Bitcoin by using future price scenarios.  

The Navajo Nation

Compass Mining recently gathered a film crew to better understand why the Navajo people are mining Bitcoin. 

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