Source: Adobe \/ Timon<\/p>\n
The International Energy Agency (IEA) anticipates substantial increases in energy consumption from crypto mining and artificial intelligence (AI) in the coming years, with projections suggesting a more than 30% surge by 2026.<\/p>\n
The IEA\u2019s Electricity 2024<\/em> report<\/a> outlines the expected growth in energy usage through 2026, highlighting that power generation, including for crypto mining purposes, remains a major contributor to carbon emissions but is leading the transition to net-zero emissions.<\/p>\n Meanwhile, renewables are forecasted to become the primary sources of power by 2025, according to the report.<\/p>\n The report noted that energy consumption by data centers, AI, and crypto mining facilities may surpass 1,000 terawatt-hours (TWh), more than doubling in the specified timeframe.<\/p>\n Data centres are now the main drivers of electricity demand growth in many regions<\/p>\n And electricity consumption from the sector \u2014 along with AI & cryptocurrency \u2014 could double by 2026<\/p>\n Energy efficiency improvements will be key to address rising demand: https:\/\/t.co\/JfBLS2p2Pg<\/a> pic.twitter.com\/JOuORlMJnX<\/a><\/p>\n \u2014 International Energy Agency (@IEA) January 24, 2024<\/a><\/p>\n <\/span> The rise in energy usage from crypto and related activities is projected to reach the level of Japan\u2019s electricity consumption.<\/p>\n In 2023, Bitcoin mining<\/a> alone consumed 120 TWh, up from 110 TWh in 2022.<\/p>\n Despite the report acknowledging that crypto mining constitutes a small portion of global energy consumption, it did raise concerns about challenges in reducing electricity consumption.<\/p>\n The IEA predicts that crypto mining will consume 160 TWh by 2026.<\/p>\n The post AI and Crypto Mining to More Than Double Energy Use by 2026, Report Says<\/a> appeared first on Cryptonews<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Source: Adobe \/ Timon The International Energy Agency (IEA) anticipates substantial increases in energy…<\/p>\n","protected":false},"author":0,"featured_media":21926,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-21925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/posts\/21925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/comments?post=21925"}],"version-history":[{"count":0,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/posts\/21925\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/media\/21926"}],"wp:attachment":[{"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/media?parent=21925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/categories?post=21925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/tags?post=21925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Crypto mining predicted to use as much electricity as Japan<\/h2>\n
\nIn terms of AI specifically, the report said the growing sector is set to experience a tenfold increase in power consumption between 2023 and 2026, with large language models (LLMs) like ChatGPT<\/a> alone expected to consume nearly 10 TWh per year.<\/p>\n