A new federal initiative will shed light on the opaque and rapidly growing cryptocurrency mining industry.
This story was originally published by Grist. Sign up for Grist’s weekly newsletter here. In 2021, when China banned bitcoin and other cryptocurrencies, crypto miners flocked to the United States in search of cheap electricity and looser regulations. In a few short years, the U.S.’s share of global crypto mining operations grew from 3.5 percent to 38 percent, forming the world’s largest crypto mining industry. The impacts of this shift have not gone unnoticed.
The letter raised concerns that the price of bitcoin had increased 50 percent in the last three months, incentivizing more mining activity that could stress local power grids already under strain from cold weather and winter storms.
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