The global electricity market is experiencing major changes. As the industry is facing new consumption patterns, where Cryptocurrency mining And artificial intelligence (AI) is expected to see a major shift in energy use in the next few years. According to the International Energy Agency (IEA) report
According to the IEA report of 2024, whichPredictElectricity usage until 2026 isn’t all bad news about energy use. “Currently, electricity generation is the largest source of carbon dioxide (CO2) emissions in the world. It is also a sector leading the transition to net-zero greenhouse gas emissions,” the report said, with renewable energy set to become the dominant energy source by 2025.
Electricity consumption growth fell from 2.4% in 2022 to 2.2% in 2023, but is expected to increase to 3.4% through 2026, with China and India the main contributors to this growth.
Meanwhile Energy consumption of AI and crypto data centers may more than double during that time and exceed 1,000 terawatt-hours (TWh).
AI will lead the way, with AI electricity consumption expected to increase 10x between 2023 and 2026, with ChatGPT alone expected to consume nearly 10 TWH per year during that period. This is because every ChatGPT request uses nearly ten times the energy of a Google search.
Bitcoin will use 120 TWh in 2023 out of a total of 130 TWh used for mining. The latter figure increased from 110 TWh in 2022, accounting for 0.4% of global energy use, with the IEA predicting that crypto mining will use 160 TWh by 2026.
refer : cointelegraph.com
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