background imageUnsplash

Keep the lights on or mine Bitcoin? How crypto is starting to suck up clean energy

author image

By illuminem briefings

· 2 min read


illuminem summarizes for you the essential news of the day. Read the full piece on CNN or enjoy below:

🗞️ Driving the news: The booming cryptocurrency industry is consuming massive amounts of electricity, increasingly tapping into clean energy sources
• In Abkhazia, an unrecognized breakaway region of Georgia, illegal crypto mining has worsened blackouts, forcing reliance on Russian fossil fuel power
• Similar concerns are rising in Paraguay, Ethiopia, and the U.S., where crypto firms are securing renewable energy to fuel operations

🔭 The context: Bitcoin mining requires enormous computing power, making electricity the biggest cost factor
• Global crypto mining now consumes more energy than Pakistan, and demand is expected to rise 40% between 2022 and 2026
• While some companies claim they are utilizing "underutilized renewables," experts warn this diverts clean energy from local communities

🌍 Why it matters for the planet: Increased crypto mining risks undermining the global energy transition by overloading grids and forcing regions to revert to fossil fuels
• In places with energy shortages, such as Ethiopia and Paraguay, crypto mining can worsen inequality and limit access to affordable electricity
• Without regulation, the industry's rapid expansion could contribute to both environmental and social crises (See sustainability performance of tech companies like Cisco, Okta and Bently Systems, Incorporated).

⏭️ What's next: Some governments are cracking down—Abkhazia has banned crypto mining, and activists are destroying illegal mining equipment
• Meanwhile, companies like MARA Holdings and BitFuFu continue expanding operations in developing nations
• Calls are growing for global regulation to prevent crypto mining from destabilizing energy markets and worsening climate pollution

💬 One quote: "If you use all that cheap, clean hydropower for crypto mining, then humans and small businesses can’t use it—and often it is fossil fuel-based.” — Mandy DeRoche, Earthjustice

See here full sustainability performance of tech companies like Cisco, Okta and Bently Systems, Incorporated 

📈 One stat: Bitcoin mining now consumes more electricity than Pakistan, a country of over 230 million people

Click for more news covering the latest on renewable energy

Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team - providing you with concise summaries of the most important sustainability news of the day.

Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices


Related Posts


You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)