Energy
The digital asset mining industry today is spurring U.S. economic growth, job creation, and innovation, especially in rural areas where opportunity and innovation are needed most. This is being achieved while also creating financial incentives for energy infrastructure development.
Watch how a bitcoin mining facility transformed a rural community:
Digital Energy
The Chamber and our members have prioritized engagement with policymakers and key stakeholders regarding Proof of Work mining and the opportunities it presents for the future of energy.
The Facts
01
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.
02
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.
03
Global Consumption
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.
04
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.
05
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.
06
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.
Private Energy Sustainable Power Mix
Bitcoin Mining vs. Countries (% of TWh)
Relevant Links
Congressional Resolution Paves Way for Proo-of-Work Mining
Don’t Mess With Texas PoW Mining Campaign
Take Action: Stop the NY Mining Ban
Proof-of-Work vs. Proof-of-Stake
Proof-of-Work Mining FAQs
U.S. Department of Energy RFI
OSTP RFI on Energy & Climate Implications of Digital Assets
What Our Members Are Saying
Protect Digital Asset Mining in the U.S
