US Bitcoin Mining Electricity Expenses Revealed

This study aims to examine the extent of electricity consumption from the United States Bitcoin mining in 2024 and found that it has expended a massive amount of electricity, $2. 7 billion. As reported by Paul Hoffman of Best Brokers, US Bitcoin mining used 20,822 kWh per TH/s during the reported period. They had purchased 62 GWh of electricity in the beginning of the first quarter of 2024. The average commercial electricity rate is currently standing at $0. 1281 per kilowatt hour, such a significant amount of energy translates to a correlative amount of money spent.

This energy expenditure is one of the influential costs borne in Bitcoin mining, especially after the Bitcoin halving event in April, 2021, where mining was cut to lower than 6.25 new Bitcoins per block gauge, therefore requiring more energy to mine new Bitcoins. Before the halving of the 50 BTC block reward, it took 407,059 seconds to mine one BTC. The first cost is for 01 kilowatt hour of electricity which amounts to approximately $ 52,144. 26. Post halving, the need for the basket rose to 862, 635 unit. 55 kWh, while the costs increase and making it to be around $110,503. Analyzing the currencies to per Bitcoin, we have: £ 6.2 Exchanges at average rates for each barcode.

Nevertheless, these costs are still high, and the Bitcoin mining still stays as one of the core businesses, earning theirhashpower mostly through renewable energy sources. Evidently, by the early 2024, the percentage of sustainable energy utilised in mining Bitcoin hit the ceiling at 54 %. 5%, marking a 3. This rose from $51 billion recorded in the previous year to $54 billion, showing an average 6% growth.

This has led to increased sustainable use of energy by mining operations especially after temporary bans on the use of electricity to conduct the mining in China’s Xinjiang region and in Kazakhstan that have fed back to North America. The global Bitcoin mining community has generated 116,550 bitcoins worth $8 million through the proof-of-work process for this period. 2 billion so far this year as global miners stepped up spending on large capital projects and acquisitions… U. S. miners contributed 37. 84% of global production.

This great demand for energy also gives us a view of the money effects for miners as well as the increased awareness about environmental issues among the crypto community.

Read Also : El Salvador’s Bitcoin Adoption: A Model for Argentina?

Disclaimer!!

The information provided by CryptopianNews is for educational and informational purposes only. It should not be considered financial or investment advice. Cryptocurrency markets are highly volatile and speculative, and investing in them carries inherent risks. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.

RIZ A

Riz-A is a seasoned blockchain content writer with a passion for demystifying complex concepts and making cutting-edge technology accessible to a broader audience. With years of experience in the blockchain and cryptocurrency space,  Riz-A has a proven track record of creating engaging, informative, and thought-provoking content.