How much electricity does cryptocurrency mining use?

Our preliminary estimates suggest that annual electricity use from cryptocurrency mining probably represents from 0.6% to 2.3% of U.S. electricity consumption. 1 This additional electricity use has drawn the attention of policymakers and grid planners concerned about its effects on cost, reliability, and emissions.

How does cryptocurrency mining reduce electricity cost?

Cryptocurrency mining facilities have made use of a variety of strategies to manage their electricity cost by reducing their consumption and the price paid for electricity. The computational efficiency, measured in joules per terahash, has steadily improved over time.

How much electricity does bitcoin mining use in 2023?

The International Energy Agency estimated global consumption of electricity during 2023 to have been 27,400 TWh. 10 So, the CBECI estimates put electricity supporting Bitcoin mining in 2023 at about 0.2% to 0.9% of global demand for electricity.