© Reuters. Bill Ackman expresses concern over record energy consumption by Bitcoin miners
Bitcoin miners, reeling from the recent cryptocurrency crisis, are investing billions in new equipment and setting energy consumption records, in light of an impending software update in the largest cryptocurrency that could impact their cash flows. income.
Since February 2023, according to analysis of public documents by TheMinerMag, the top 13 mining companies have spent more than $1 billion on high-tech mining hardware. clean spark (NASDAQ 🙂 and Riot Platforms (NASDAQ 🙂) are leading the way, having invested around $473 million and $415 million, respectively.
These investments aim to increase operational efficiency and ensure cost-effective electricity, a crucial factor given the energy-intensive nature of mining, which involves verifying blockchain transactions to earn Bitcoin.
At the same time, however, the industry's energy use has increased, reaching a record 19.6 gigawatts last month, up from 12.1 gigawatts a year earlier, as estimated by Coin Metrics. This level of electricity consumption is enough to power approximately 3.8 million homes in Texas, where a significant number of these mining facilities are located.
These statistics ignited debates on social media platforms, where American billionaire and hedge fund manager Bill Ackman was among those who commented on the topic.
“One scenario: Rising Bitcoin price leads to increased mining and increased energy use, raising the cost of energy, causing increased inflation and a fall in the dollar, driving demand for Bitcoin and an increase in mining, driving energy demand and the cycle continues. ”Ackman wrote in an X post.
“Bitcoin reaches infinity, energy prices skyrocket and the economy collapses. Maybe I should buy some Bitcoin,” he added.
This increase in activity in the cryptocurrency sector is driven by a significant increase in the value of Bitcoin, driven by the introduction of spot Bitcoin exchange-traded funds (ETFs) and the anticipation of the set halving event. for April.
Following a 64% drop in 2022 due to several crypto industry crises, BTC's value has quadrupled since then.
