Bitcoin mining in the United States has seen a substantial rise in energy consumption and costs, with miners spending $2.7 billion on electricity in the first few months of 2024. This surge in expenses is largely attributed to the Bitcoin Halving event in April, which reduced mining rewards from 6.25 BTC to 3.125 BTC per block, significantly affecting miners' profitability.

"Since the start of 2024, Bitcoin mining in the U.S. has consumed an enormous 20,822.62 GWh of electric power," stated Paul Hoffman, an analyst at Best Brokers. "At the average commercial electricity rate of $0.1281 per kWh as of February, this amounts to an expenditure of $2,667,378,196.47."

To contextualize this vast energy usage, Hoffman noted, "This amount of energy could charge every electric vehicle in the U.S. 87.52 times or power 1,983,107 households for a year, which is 1.51% of all U.S. households."

Globally, Bitcoin mining has yielded 116,550 BTC, valued at $8.2 billion, year-to-date. U.S. miners have contributed 44,102 BTC, accounting for 37.84% of global production. Prior to the halving event in April, the energy required to mine one Bitcoin was approximately 407,059.01 kilowatt-hours (kWh), costing around $52,144.26. Post-halving, the energy requirement has more than doubled to 862,635.55 kWh per Bitcoin, costing approximately $110,503.61 at average commercial rates.

Despite the high energy consumption, Bitcoin mining stands out as a primary global industry significantly powered by sustainable energy. According to the Bitcoin ESG Forecast, sustainable energy use in Bitcoin mining reached an all-time high of 54.5% in January 2024, marking a 3.6% increase in sustainable mining practices over 2023.

The industry's shift towards greener energy sources has been driven by regulatory changes, such as the mining ban in China and its effective prohibition in Kazakhstan. These changes have pushed miners to migrate to regions with more sustainable energy grids, particularly in North America, or to off-grid sustainable sites.

As of now, approximately 19.5 million Bitcoin has been mined out of the total supply of 21 million, highlighting the diminishing returns and increasing costs associated with mining new Bitcoin. This ongoing trend underscores the growing economic and environmental considerations surrounding Bitcoin mining operations.