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.
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.
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.
Bitcoin represents 0.04% of global primary energy consumption and 0.1% 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.
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.
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.
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.
Private Energy Sustainable Power Mix
Bitcoin Mining vs. Countries (% of TWh)
Bitcoin Net Zero
The Navajo Nation is Mining Bitcoin. Here’s Why.
What Our Members Are Saying
“Mining serves as the foundation of the monetary network – critical to its growth, stability, longevity, vitality, & integrity. The Proof-of-Work architecture is a masterpiece of engineering that anchors the system to the real world.”
Michael Saylor, CEO, MicroStrategy
“The UN believes that blockchain, the technology lying behind these online currencies, could be of great benefit to those fighting the climate crisis, and help bring about a more sustainable global economy”
“Bitcoin mining has allowed us to hire local talent and get our power plant running again. It’s putting money back into the surrounding communities through both labor and parts production, growing our local economy.”