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Introduction The rise in popularity of cryptocurrencies and the underlying blockchain technology presents both challenges and opportunities to the energy sector. Cryptocurrencies, such as Bitcoin, are sometimes referred to as virtual currency, a term that can also refer to a broader class of electronic money.1 A blockchain is a digital ledger that enables parties to agree on the current ownership and distribution of assets in order to conduct new business. When applied to cryptocurrencies, the blockchain allows the validation of transactions to occur by a decentralized network of computers. As cryptocurrencies (such as Bitcoin, the cryptocurrency with the largest market capitalization) have increased in popularity, the energy demand to support cryptocurrency mining activities has also increased. The state of Washington, by some estimates, hosted 15%- 30% of all Bitcoin mining operations globally in 2018. When such increases in energy demand for cryptocurrency mining occur at a local level, the resulting peak loads may increase customers’ electricity rates depending on pricing structure. However, not all cryptocurrencies require energy- intensive operations. Outside of cryptocurrencies, opportunities arising from blockchain technologies could include facilitating energy and financial transactions on a smart grid.2 This report explains how cryptocurrency is “mined,” where mining activity is concentrated, how some states and utilities are responding to localized increases in energy demand from Bitcoin mining facilities, and potential considerations for Congress. Considerations for Congress include potential policy options to address energy conservation and energy efficiency standards as well as options for blockchain technology in the energy sector. This report is part of a suite of CRS products on cryptocurrencies and the underlying technology, distributed ledger technology, and blockchain (see textbox below). Bitcoin, Blockchain, and the Energy Sector CRS Products on Digital Currencies and Related Technology CRS In Focus IF10810, Blockchain and International Trade, by Rachel F. Fefer. CRS In Focus IF10824, Financial Innovation: “Cryptocurrencies”, by David W. Perkins. CRS In Focus IF10825, Digital Currencies: Sanctions Evasion Risks, by Rebecca M. Nelson and Liana W. Rosen. CRS In Focus IF11004, Financial Innovation: Digital Assets and Initial Coin Offerings, by Eva Su. CRS Legal Sidebar WSLG1856, For First Time, FinCEN Imposes Penalty on Foreign-Based Virtual Currency Exchange for Violations of Anti-Money Laundering Laws, by M. Maureen Murphy. CRS Report R43339, Bitcoin: Questions, Answers, and Analysis of Legal Issues, by Edward V. Murphy and M. Maureen Murphy. CRS Report R45116, Blockchain: Background and Policy Issues, by Chris Jaikaran. CRS Report R45427, Cryptocurrency: The Economics of Money and Selected Policy Issues, by David W. Perkins. CRS Report R45440, International Approaches to Digital Currencies, by Rebecca M. Nelson. CRS Report R45664, Virtual Currencies and Money Laundering: Legal Background, Enforcement Actions, and Legislative Proposals, by Jay B. Sykes and Nicole Vanatko. CRS Testimony TE10025, Beyond Bitcoin: Emerging Applications for Blockchain Technology, by Chris Jaikaran. CRS Testimony TE10034, Examining Regulatory Frameworks for Digital Currencies and Blockchain, by Rebecca M. Nelson. CRS Video WVB00200, Understanding Blockchain Technology and Its Policy Implications, by Chris Jaikaran. 1 The Internal Revenue Service (IRS) considers virtual currency as property, and as such, the tax principles applicable to property transactions apply to transactions using virtual property; see IRS, IRS Notice 2014-21, 2014, https://www.irs.gov/pub/irs-drop/n-14-21.pdf. 2 For more information on the smart grid, see CRS Report R45156, The Smart Grid: Status and Outlook, by Richard J. Campbell. Congressional Research Service 1PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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