Why are greenhouse gas emissions climbing? Research from the Rhodium Group points to three main culprits working in tandem. First, the unusually mild winter season reduced heating demands, which might sound counterintuitive—but it actually freed up energy capacity that got redirected elsewhere. Second, data centers have seen explosive expansion in recent years, consuming massive amounts of power around the clock. Third, and critically for the crypto space, mining operations have surged in scale and energy intensity. Layer in rising natural gas prices, and you've got a perfect storm driving emissions upward. The intersection of digital infrastructure growth and cryptocurrency mining expansion reveals how tightly interconnected energy markets have become in the Web3 era.