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If the bitcoin price rises to $2 million by 2040, the annual energy consumption of the initial cryptocurrency network will reach 894 TWh. Arcane Research analyst Jaran Mellerud
If the bitcoin price rises to $2 million by 2040, the annual energy consumption of the initial cryptocurrency network will reach 894 TWh. Arcane Research analyst Jaran Mellerud said that figure is about 10 times higher than the current figure.
With a digital gold price of $500,000, he estimates annual energy consumption will be 223 TWh, slightly more than double today.
“If the bitcoin price reaches $2 million by 2040 and transaction fees remain at historical averages, digital gold will account for 0.36% of global energy consumption,” Mellerud wrote.
The chart above shows that Arcane Research’s worst-case scenario assumes a price of $100,000 for Bitcoin. At this value, the energy density will be 45 TWh in 2040.
According to the Cambridge Center for Alternative Finance, Bitcoin network consumption is currently comparable to countries such as the Philippines, Kazakhstan, Pakistan, and the Netherlands.
The Bitcoin Mining Council report noted that during the year, the energy efficiency of bitcoin mining increased by 46%, and the share of “green electricity” in consumption increased by 6% over the year, reaching 59.5%.
Recall that Members of the U.S. House of Representatives Energy and Commerce Committee requested data from miners on environmental impact.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
