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The problem is, we don’t know how much energy it’s actually using.

The price of Bitcoin set a new all time high this week, crossing the $69,000 mark on Tuesday before falling back down to around $67,500 by Thursday afternoon. That almost certainly means Bitcoin’s energy usage is rising, too — although any chance of getting a precise idea of how much, even just in the U.S., may be delayed for months. Last week, the U.S. Energy Information Administration agreed to stop collecting data on crypto mining operations after a federal court in Texas put a halt on the project until the EIA goes through a more fulsome approval process.
That Bitcoin eats up a lot of power is beyond dispute. Bitcoin mining involves solving increasingly complex math problems, which at this point requires vast amounts of computing power; using outside data, the EIA estimated that crypto accounts for around 2% of the nation’s total electricity use. Both the industry’s electricity usage and how it participates in electricity markets have been subject to criticism from Democratic lawmakers, who have pushed for more information-gathering. If the price of Bitcoin continues to climb, that skepticism could ratchet up.
“There is a very direct relationship between the value of what is being mined by the miners and how much is being spent on electricity,” Alex De Vries, a cryptocurrency and energy researcher, told me.
An extensive New York Times investigation last year found that large-scale mining operations were “putting immense pressure on the power grid,” and that “their operations can create costs — including higher electricity bills and enormous carbon pollution — for everyone around them.” According to the University of Cambridge Judge Business School, Bitcoin’s energy consumption has risen about 50% in the past year, from an annualized rate of around 110 terawatt-hours a year just over 163 TWh, comparable to the electricity production of Ukraine or Pakistan. (That is, of course, an estimate, based on a model derived from the performance of mining hardware and the assumption that miners only operate with hardware that allows them to mine Bitcoin profitably.)
With all the attention on consumption and emissions, Bitcoin miners have been eager to portray themselves as, if not quite the goodies, at least not the baddies.
“The industry as a whole has a good story to tell about the energy piece,” Tom Mapes, president of a newly formed industry group called the Digital Energy Council, told me. He also told me that I “have to be realistic about it. We do use a lot of power — not to say that using power in every facet is bad.”
The feel-good Bitcoin energy story goes something like this: Crypto miners are always ready to use energy at the right price — and to shut things down at the right price, too. “We have the ability as a bulk power user of our size has the ability to flex load like no another,” Mapes said. “Datacenters cannot flex load like this. We can be built in as a tool to work within constraints of these grids.”
If a mining facility is co-located with an energy resource, it can be there to purchase power production that might otherwise be curtailed because there isn’t enough transmission capacity to get it to other customers. It can also be a buyer of first resort for a newly developed generator or it can keep an old one in business, as Bitcoin mining has with some fossil fuel generators.
“You tend to see Bitcoin miners anywhere there’s stranded energy and excess power,” said Margot Paez, a fellow at the Bitcoin Policy Institute. There are some examples of crypto mining co-located with renewables, but that does not always mean that the power they use is entirely renewable. There’s also a crypto mining operation set up at a nuclear power plant in Pennsylvania, adjacent to what will be an Amazon Web Services data center.
The main way crypto operations interact with the grid is not by supporting any particular resource, though, but rather by being flexible about when they operate. Shutting off when demand is high can be quite lucrative — sometimes even more so than the crypto mining itself.
Riot Networks, a mining company with extensive operations in Texas and a plaintiff in the EIA record collection suit, has become a flashpoint for crypto’s interaction with the electricity markets precisely because it eagerly shares data with investors and the public about its participation in programs to maintain grid stability. In August, when demand hit record highs and Texas consumers were asked to conserve energy, Riot reported $8.6 million in revenue from selling Bitcoins it had mined and $31.6 million either from selling power it had bought for a prearranged price back to the grid at the higher market price or from incentive payments for being willing to power down during demand spikes.
The company’s chief executive said that last August “was a landmark month for Riot in showcasing the benefits of our unique power strategy.” (Of the 34 large Bitcoin mining operations in the New York Times investigation, Riot was the largest and had the most fossil fuel consumption attributed to it.)
But that was then and this is now. The revenues Riot is deriving from Bitcoin mining are likely substantially greater than they were five or six months ago, as the price of Bitcoin has almost doubled. The company has told investors that it costs around $7,500 to mine a single Bitcoin, which could mean that it and other crypto miners operating strategically in the electricity market will be less willing to sell power back to the grid or turn off during demand spikes.
If you’re thinking this all sounds a lot like the conversation around demand response, well, so was I. Demand response is something climate people love to talk about. They want consumers to get paid for using less power when demand spikes, and they think it’s really neat that you can charge an electric car overnight when demand is low and want you to be able to sell that power back to the grid when demand gets high.
Putting energy consumers near renewables and other non-carbon-generating energy sources that can absorb excess power when renewable production is “too high” for the grid is something you hear about a lot with, say, hydrogen production or energy storage. Why let that energy go to waste when we could incentivize people to store it, instead?
But an electrolyzer or a battery is not just a clever way to figure out how to deal with the peaks and valleys of variable renewable energy resources like wind and solar, it’s also potentially a key component of a decarbonized energy system. It doesn’t just consume non-carbon energy, it can store and transfer carbon-free energy as well.
Crypto, on the other hand, takes energy, renewable or not, and turns it into money. It’s a greedy and flexible consumer of electricity, and there are market designs where non-carbon generators would be happy to work with such a consumer. But from the perspective of the energy system, a consumer is all it will ever be.
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A new 60-home pilot program aims to expand vehicle-to-grid charging.
When energy experts imagine the grid of the future, they often dream of millions of electric vehicles moonlighting as mobile power banks, using their hefty batteries to send electricity back to the grid when it needs a boost. But despite rapid EV adoption, this utopia has remained largely out of reach. Most vehicles don’t yet support bidirectional power flow, and most markets lack incentives for customers to feed power back to the grid in the first place.
That’s finally starting to change. While vehicle-to-grid — a.k.a. V2G — technology is still in its earliest innings, a new Massachusetts program announced on Thursday is working to make the technology something closer to commonplace. Funded by the Massachusetts Clean Energy Center, the state’s economic development agency, the initiative will install 60 bidirectional charging systems in participating residents’ homes.
The program has already begun enrolling its first participants, joining a small but growing group of V2G demonstrations across the country. But the field remains so nascent that even a 60-home project stands out. Kip Hack, who leads the distributed energy resource management company EnergyHub’s EV work, told me he very much considers it a “leading program for North America.”
The Massachusetts initiative brings together a wide variety of partners: utility companies Eversource and National Grid, EnergyHub, and technology partners Sunrun and The Mobility House, which each provide the software and device integrations needed to connect various EV models to the grid. Depending on their vehicle, eligible customers will enroll in the program through either Sunrun or The Mobility House, which will then connect them to their utility’s existing demand flexibility program, ConnectedSolutions. This decade-old initiative pays customers to reduce strain on the grid by leveraging smart thermostats, batteries, and other commercial and industrial energy systems. Now EVs will join the mix.
“They don’t actually care what the participating technology is. They only care about the output,” EnergyHub’s president, Seth Frader-Thompson told me, referring to ConnectedSolutions’ technology-agnostic design, which runs on EnergyHub’s software platform. That means the program can readily incorporate new distributed energy resources as they become available, simplifying the entire process in a way that many other regions have yet to figure out. “So when V2G technology was ready, nobody had to create a new program. You already had a program structure, an incentive structure, et cetera, that you could just have these vehicles participate in.”
Each distributed energy asset enrolled in the program can earn up to $275 per average kilowatt of grid support provided during the summer months. But customers don’t receive that payment directly from their utility. Rather Sunrun and The Mobility House set their own customer incentive structures based on that underlying $275 per kilowatt value.
Chip Silverman, Sunrun’s director of grid services and virtual power plants, told me that its customers will receive a fixed payment simply for signing up, just as the company’s stationary battery storage customers do. That gets new participants in the door — they can then earn additional performance incentives if they actually discharge power back to the grid during a demand response event. “We want to incentivize people to plug in 5:00 p.m. to 8:00 p.m. on weeknights because we want to get you to try to hit the peak events whenever possible,” Silverman told me.
The pool of qualifying vehicles remains quite limited, however. Sunrun’s system only supports the Ford F-150 Lightning, while The Mobility House’s software integrates with chargers compatible with the Kia EV9, Volvo XC90, Polestar 3, and several Nissan Leaf models. Teslas with V2G capability — which today means just the Cybertruck — are not eligible. That’s because while every other vehicle in this program places the requisite DC to AC power converter within the wall charger, Tesla installs this hardware in the car itself. While that will likely prove to be a smarter, cheaper long-term approach, for now it doesn’t align with how utilities certify and approve grid-connected equipment.
Yet even at this early stage, with limited scale and narrow eligibility requirements, Massachusetts’ early adopters are already demonstrating the technology’s value. “It has been quite hot, unseasonably hot in New England these last several weeks,” Hack told me, explaining that participants’ EV batteries have already been tapped to discharge power “more than once” since enrollment began earlier this month.
The potential for far greater impact is enormous. “The size of the battery in the car is remarkable,” Frader-Thompson told me. While a typical home battery stores around 10 to 15 kilowatt-hours of energy, an EV battery can hold on the order of 70 to 100 kilowatt-hours. “So if the vehicle is plugged in, it essentially has the ability to export the equivalent of an entire residential battery every hour during an event,” he explained.
To truly turn V2G from a promising concept into a reliable grid resource, however, utilities and grid operators will need much more data on when these batteries are available and how much power EV owners are actually willing to provide. By the end of this summer, Massachusetts’ latest experiment could offer some of the first real-world answers.
On Trump’s power pledge, America’s offshore nuclear, and Japan’s offshore wind
Current conditions: A new heat dome is spreading temperatures above 100 degrees Fahrenheit across the Central United States, from Texas north to the Dakotas • Tropical Storm Bertha made landfall over southern Louisiana with winds of up to 45 miles per hour • Tasmania is facing a cold front with freezing wind chills.

On December 8, 1953 — just eight years after the United States demonstrated the destructive power of splitting atoms in the form of a mushroom cloud over Hiroshima — then-President Dwight D. Eisenhower pledged to lead the world in harnessing fission to constructive ends. In his famed “Atoms for Peace” speech, he vowed to help other nations build nuclear power stations that he believed would bring about a new era of global prosperity built atop a foundation of abundant electricity. Under the law Congress passed the next year to lay the groundwork for a nuclear buildout, Washington didn’t make it easy for foreign countries to import American technology. Before any U.S. nuclear company can sell its wares abroad, the Senate needs to approve what’s known as a 123 Agreement, essentially a treaty in which the partner nation agrees not to use the technology for weapons proliferation. When Abu Dhabi set out to build the Arab world’s first nuclear power station, the U.S. struck a new, special 123 Agreement with the United Arab Emirates in 2009, in which the Gulf monarchy swore off ever enriching or recycling its own fuel. That deal became the gold standard for U.S. nuclear pacts — and one Washington had planned to make a requirement for any other countries in the region. Saudi Arabia, however, wasn’t happy with those restrictions, particularly as its rival Iran pressed ahead with construction of its second and third reactors at its debut Russian-made nuclear station. With the Biden administration putting up resistance, Riyadh began flaunting talks with Beijing to buy Chinese reactors, in what would mark a major entry of the People’s Republic into the nuclear export market.
All of which you needed to know to appreciate what a huge deal the latest news is. On Wednesday, The Wall Street Journal, The New York Times, and the Associated Press confirmed that Saudi Arabia had reached a deal with the Trump administration that would likely allow Riyadh to enrich and recycle its own fuel on its soil. While a formal announcement is expected this week, Secretary of State Marco Rubio already acknowledged the deal by telling reporters any such agreement would not lead to weapons proliferation. On the face of it, the deal is a major win for the U.S. over its arch adversaries. Russia dominates global nuclear exports, and is currently building the debut plants in Bangladesh, Egypt, and Turkey. China, meanwhile, has dramatically brought down the cost and time it takes to build its own domestic reactors, which are based on the leading American design, and Beijing is widely expected to make an export push in the coming years. The U.S. has managed to win deals in Eastern Europe to build Poland’s first nuclear plant. But so far, American technology has struggled to compete on both price and construction competence. A moment when Iran is firing missiles at America’s Arab allies may seem ill-suited to embarking on a civilian nuclear program, but the Atlantic Council researcher Allison Minor, who previously served as a U.S. deputy special envoy to Yemen, said the war had added urgency to brokering the Saudi-U.S. deal. “By keeping the door open for uranium enrichment inside Saudi Arabia, the nuclear deal sends a powerful message to Tehran,” she wrote in a blog post. “By securing a 123 agreement that appears to have more preferable terms than the United Arab Emirates and dozens of other U.S. partners have committed to, Riyadh also signals its role as a major global player, even if it is not among the ranks of nuclear-armed nations.”
In March, the White House organized a voluntary industry pledge in which hyperscalers and data centers developers promised to pay above and beyond the normal rate for electricity to ease the strain on Americans. On Thursday, the Trump administration plans to announce a vast expansion of the pact to include the nation’s largest utilities, Reuters reported. Utilities NextEra Energy and Duke Energy joined data center developers Equinix and Digital Realty along with roughly 200 other entities on a list of signatories The Wall Street Journal obtained.
The move comes a day after ratepayer advocates accused the Federal Energy Regulatory Commission of failing to address the cost of upgrading infrastructure in its latest order meant to ease the impacts of data centers, Utility Dive reported. Polling from Heatmap Pro has shown repeatedly that public support for data centers is collapsing.
The Colorado River’s largest reservoirs, Lake Mead and Lake Powell, hit record lows in what experts described to the Los Angeles Times this week as a “five-alarm fire.” On Tuesday, Secretary of the Interior Doug Burgum met with the governors of seven states virtually ahead of his agency’s anticipated release of a plan to cut back on water use to ease shortages. That states appear to be welcoming a federal intervention marks a break with more than a century of Western states fighting to manage their water supplies among themselves with minimal oversight from Washington. Yet “far from a brash commandeering of the system,” E&E News reported, Burgum’s plan “is effectively a kick-the-can exercise for managing the drought-riddled river that supplies water” for one in 10 Americans. “At best, the Trump administration’s plan will leave economies — from the bucolic ranches of the Rocky Mountains to the mansions of Los Angeles, the tech hub of Phoenix and the powerhouse farms along the border with Mexico — in a state of limbo, without clear rules for who will have access to vital supplies in the years to come,” reporter Annie Snider wrote. “At worst, it dares the region’s political leaders — most especially Arizona Governor Katie Hobbs, who is facing one of the country’s closest gubernatorial races in the fall — to launch a destabilizing court fight.” As former Heatmap reporter Neel Dhanesha wrote in 2023, sometimes plans can at least buy some time.
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Russia officially kicked off the global race for small modular reactors in 2019 with the launch of its first floating nuclear station, which is still pumping out power in an Arctic port today. Since then, dozens of companies have proposed small reactors on land, and a handful of startups has looked to build nuclear-propelled civilian ships. But no one has really attempted any major offshore nuclear energy projects yet. Still, the Trump administration is preparing for the potential new sector. On Wednesday, the Department of the Interior’s Marine Minerals Administration — the agency recently formed out of combining the Bureau of Ocean Energy Management with the Bureau of Safety and Environmental Enforcement — signed a memorandum of understanding with the Nuclear Regulatory Commission to “responsibly respond to industry requests” and support new technologies.
“Submerged reactor systems have been safely deployed in naval applications for decades, demonstrating their potential as a reliable source of energy in demanding marine environments,” Matt Giacona, the acting director of the Marine Minerals Administration, said in a statement. “While no commercial deployment on the Outer Continental Shelf is planned or approved at this time, it could greatly strengthen America’s energy security in the future.”
China unveiled a new set of rules for the solar industry last week that are expected to “do a good job in cutting out low-cost, outdated technology across the value chain,” according to a new report from the research division at the magazine PV Tech. The new national regulations, set to take effect on January 1, 2027, phase out weaker panels and conventional polysilicon products. “These new restrictions are very interesting as the Chinese government now sees a need to stop the oversupply, maybe coming from lowered deployment in China in the first half of the year,” Joe Hennessy, co-author of the report and analyst at PV Tech Research, told PV Tech. “This will affect the smaller producers the most, as they are less likely to have upgraded lines during the period of losses.” Larger solar manufacturers are already producing panels with efficiency rates of up to 24%, the report found.
This is a story I’m planning to keep a close eye on, given the forthcoming results of the Department of Commerce’s 232 investigation into whether domestic U.S. producers of polysilicon need new tariffs to protect them against Chinese imports. My best-placed sources say the agency is on track to release its findings by next month, though others close to the process say the 74-day government shutdown could give the administration until early September to meet its legal deadlines.”
Koloma, the startup seeking to tap into naturally occurring hydrogen deposits, has a third exploration deal in the Philippines. On Thursday, Heatmap editorial fellow Ameya Hadap broke news that the company has inked an agreement for exclusive rights to a roughly 817-square-mile area of Luzon’s Zambales Province. The Colorado-based firm now has the rights to more than 1,600 square miles of the country.
The deal, shared exclusively with Heatmap, is the startup’s third in the oil-importing country.
Hydrogen fuel comes in myriad forms. There’s green hydrogen, which is extracted from water molecules using zero-carbon electricity. There’s blue hydrogen, derived from methane and scrubbed clean by carbon capture. And then there’s white hydrogen. Otherwise known as natural or geologic hydrogen, this type of hydrogen comes directly from naturally occurring deposits in the earth, can accumulate in considerable quantities and concentrations, and is highly energy-efficient to extract compared to manufacturing pathways such as electrolyzers and steam methane reforming.
It’s a seductive promise, but finding deposits with enough hydrogen to make the economics of exploration work is difficult. That’s where Koloma comes in. The startup uses a bespoke subsurface data set, which its founders developed over 20-plus years, to flag the areas most likely to hold sufficient hydrogen, after which they can extract it for power and derivative fuels.
On Thursday, the startup announced its latest exploration deal, its third in the Philippines, which will give it exclusive rights to a roughly 817-square-mile area in western Zambales Province on the island of Luzon. Altogether, the company now has rights to explore more than 1,600 square miles of the island.
The Philippines until recently imported 98% of its oil from the Middle East. Since the onset of the U.S. and Israel-led war in Iran and the subsequent closure of the Strait of Hormuz, the country’s responses have included declaring an energy emergency, imposing a four-day workweek, tripling solar panel imports from China, and even planning to dust off the Bataan Nuclear Power Plant, which has sat idle since 1986.
The country also sits between three active tectonic plates, which means it has a lot of young iron-rich rock formations exposed to water — exactly the conditions that continuously produce natural hydrogen.
“The Philippines is like the poster child of that,” Pete Johnson, Koloma’s CEO, told me. “The geology is very, very good.” Accordingly, the prospect of a plentiful, easy-to-tap domestic energy source has gotten Philippine policymakers excited. The government collects data on natural leaks of hydrogen from the ground to help companies like Koloma narrow their search.
In theory, once a viable deposit is discovered, extraction is straightforward. “If you drill a hole into that pressurized reservoir, the gas is going to flow by itself. It’s just like poking a hole in a balloon,” Johnson told me. Where electrolyzers need around 55 megawatt-hours of energy to produce a ton of hydrogen and gas-powered reformers need around 40 megawatt-hours, natural hydrogen extraction would take 3 megawatt-hours maximum, according to the CEO. And unlike some methods to artificially stimulate the formation of hydrogen deposits, which my colleague Katie Brigham wrote about last week, tapping into natural wells doesn’t require injecting high-pressure fluids, which keeps the structural integrity of the subsurface intact.
Koloma has no hard agreement with the Philippine government to earmark any of the hydrogen it may produce there for domestic consumption, Johnson told me. But given the difficulty of transporting the lightweight gas and the projected growth of the Philippine economy, he expects the country would be the overwhelming beneficiary of Koloma’s activities there.
Once it’s extracted, Koloma could sell the hydrogen as a primary resource (major population and industrial centers like Manila are close to exploration sites) or as a feedstock for products like ammonia and sustainable aviation fuel, which local manufacturers could then export. There may also be opportunities to sequester captured CO2, which easily bonds with the types of rock often found in natural hydrogen deposits and can in turn make the rock more reactive for hydrogen generation.
Hydrogen has figured heavily in the decarbonization and energy security plans of import-dependent East and Southeast Asian economies for a long time. As Katie explained earlier this year, it’s also a centerpiece of China’s latest five-year plan. Japan, meanwhile, has been a leader since the industry’s inception, rolling out the world’s first hydrogen strategy in 2017. The Philippines’ partnership with Koloma is a bet that there are enough hydrogen balloons under its land to put its energy plans on the same trajectory.