In the first few months of 2024, Bitcoin miners in the United States used a staggering 20,822.62 GWh of electricity, equating to a cost of $2.7 billion, according to Paul Hoffman from Best Brokers.
This amount of electricity could charge every electric vehicle in the US 87.52 times or power over 1.9 million households for a year.
Globally, 116,550 Bitcoins have been mined so far this year, with US miners contributing 44,102 of them.
However, since the halving event in April, the electricity needed to mine 1 Bitcoin has greatly increased to 862,635.55 kWh, which costs around $110,503.61 at average commercial rates.
