U.S. cryptocurrency mining electricity demand is expected to account for 0.6% to 2.3% of the nation's total demand

The U.S. Energy Information Administration (EIA) predicts that by 2023, cryptocurrency mining will require between 0.6 per cent and 2.3 per cent of the nation's total demand for electricity. The report says that this projection is equivalent to the annual electricity needs of more than 3 million to 6 million households in the United States. Since China banned the cryptocurrency mining industry in May 2021, a large number of mining companies have relocated from China to the United States. Currently, the EIA has identified a total of 137 mining facilities in 21 states across the U.S., most of which are located in Texas, Georgia and New York. The report also noted that Bitcoin mining will require between 0.2 per cent and 0.9 per cent of global electricity demand by 2023, according to estimates from the Cambridge Bitcoin Electricity Consumption Index (CBECI).