Miners' profitability were slashed after the Bitcoin Halving event in April dropped rewards from 6.25 BTC to 3.125 BTC per block.
United States Bitcoin miners spent $2.7 billion on electricity in the first few months of 2024.
"Since the start of 2024, Bitcoin mining in the U.S. has consumed an enormous 20,822.62 GWh of electric power," said Paul Hoffman, 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."
Hoffman further explained that, "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."
