Summary
The article states that the US government has declared a state of emergency due to increased cryptocurrency mining activity, which is causing a surge in electricity consumption. The justification for the emergency order is the recent rally in cryptocurrency prices, particularly bitcoin, which has increased by over 50% in a short period of time. The government believes that this price surge will encourage more people to engage in cryptocurrency mining, leading to higher electricity consumption.
Key Points
1. The recent crypto price rally, particularly the significant increase in bitcoin’s value, has led to a surge in cryptomining activity.
2. The increased cryptomining activity has resulted in a higher demand for electricity, leading to increased electricity consumption.
3. The Office of Management and Budget has granted an emergency order to address the growing concerns related to the escalating energy consumption caused by the surge in cryptomining activity.