The USA is the global leader in Bitcoin mining electricity expenses, spending over $10.8 billion annually, far exceeding any other country. China and Kazakhstan follow, spending $4.4 billion and $2.8 billion, respectively. Canada and Russia also stand out with significant expenditures—Canada spends nearly $1.5 billion, driven by relatively high energy costs, while Russia contributes over $1.1 billion, highlighting their substantial roles in global mining despite lower hash rates.
Bitcoin mining requires significant amounts of electricity, impacting countries and states by increasing energy costs, causing blackouts, and driving higher carbon emissions. This study dives into these critical issues to reveal the hidden costs of Bitcoin mining operations worldwide.
Key Findings
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