The 7 Largest Crypto Mining Companies In The United States Consume Enough Electricity To Power Houston.

A new Congressional investigation has focused on the impact of cryptocurrency mining companies’ energy consumption in the United States.

According to The New York Times, an investigation revealed that seven leading mining firms across the country are consuming 1,045 megawatts of electricity, enough to power a city the size of Houston, Texas, with 2.3 million residents.

The firms’ energy consumption is likely to rise as a majority stated that they intend to add more mining rigs in the coming years. Marathon Digital Holdings, for example, operated approximately 33,000 rigs in February and plans to reach 199,000 rigs in two years.

Notably, the seven companies involved in the investigations plan to increase their total consumption by at least 2,399 megawatts over the next few years. However, neither company has indicated whether or not the expansion plan will be implemented  amid the ongoing crypto bear market. Massachusetts Senator Elizabeth Warren said:

“This limited data reveals that crypto miners are large energy users that account for a significant — and rapidly growing — amount of carbon emissions,”

According to the investigation, the impact of cryptocurrency mining companies has resulted in rising power costs for residents in states such as Texas. Furthermore, the power grid in the regions where the companies are located is under strain in order to serve residents.

The investigation, which began earlier this year, is part of a push by Democratic lawmakers to require mining companies to report on their electricity consumption on a regular basis. Notably, the companies provided data on their energy consumption as part of the investigation.

In recent months, the United States has attracted cryptocurrency miners, particularly those fleeing other justifications such as China. Several states are backing the miners in their pursuit to become the United States’ crypto capital.

As a result, the expanding sector has drawn regulatory scrutiny from lawmakers who want the industry regulated to reduce any environmental impact. The lawmakers have also urged energy regulators to crack down on operators who fail to report their carbon emissions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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