Currently, there are around 137 farms across the country that belong to cryptocurrency mining companies. These farms are spread out across 21 states, with Texas, New York, and Georgia being the most active ones.
Looking at the global scale, Bitcoin mining alone consumed between 0.2% and 0.9% of the world’s energy consumption in 2023. A report suggests that this energy consumption is equivalent to the total electricity consumption of countries like Greece or Australia.
“Based on these estimates, global cryptocurrency mining electricity consumption is approximately equal to the total electricity consumption of all subscribers in Greece or Australia,” wrote the authors of the report.
Marathon Digital Holdings, a mining company based in Florida, recently broke records by mining 1,853 bitcoins in December. This represents a 56% increase compared to November and a staggering 290% increase compared to December of the previous year.
Meanwhile, Russia has emerged as a major player in the mining industry. As of the first quarter of 2023, Russia ranked second globally in terms of the total capacity of mining facilities. The country has seen significant growth in mining capacity, surpassing 1 GW of energy capacity. This growth is attributed to favorable regional conditions, including weather and energy prices, which have attracted mining operations to the country.