Bitcoin’s Intensive Energy Demands Are Sparking a Crypto Backlash
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Some U.S. municipalities impose moratoriums or outright bans on Bitcoin mining facilities. Bitcoin mining activity, critics warn, is leading to electricity price hikes and a revival of dirtier sources of power. In May of 2022, the world’s sum total of Bitcoin mining operations had an annual energy budget nearly equal to the entire country of Argentina, or the Czech Republic. Miners seek cheap energy to maximize their profits, but their activities typically drive energy-intensive costs. In Montana, a small city in Missoula County went bankrupt when the start-up of Bitcoin company HyperBlock went bankrupt. Source