Crypto shot out of an unregulated canon at warp speed in 2017, but it’s had a less-than-stellar 2018.
Yet, as Axios reports, the 60% drop in crypto value this year has had zero effect on the ungodly energy demands of the systems behind these currencies, AKA blockchain and other digi-ledge technologies.
In the beginning of the crypto craze, utility companies publicly touted their areas as cheap, abundant sources of hydroelectric power.
And while the influx of crypto miners seemed like a boon to the industry, it left many pro-crypto cities overwhelmed by the massive amounts of energy they consume.
Canada’s largest utility, Hydro-Quebec, says it is facing “unprecedented” demand from crypto mining, and has ceased servicing much of the industry until it can find a more manageable blockchain processing outlet.
And they’re not the only ones. Reports like this also come from places like Beijing, Tbilisi, Washington state, and so on.
According to deputy director of the Atlantic Global Energy Center, it’s now up to governments and utilities to have a high-voltage jam sesh on how to beef up sources of sustainable electricity to keep up with demand.