A new dilemma for the future of Bitcoin. Would you rather see low prices or high energy consumption by 2040?
, has the potential to be a significant energy consumer in the future, but only if it reaches several million dollars, according to new estimates by Arcane Research.a report estimating the development in Bitcoin’s energy usage toward 2040.
If the BTC price hits $2 million in 17 years, Bitcoin may consume 894 Terawatt-hours per year, surging 10 times from today’s level, the report suggests. Despite huge growth, such energy consumption would only account for 0.36% of the estimated global energy consumption in 2040, increasing from Bitcoin’s 0.05% share today, the analyst estimated.
Bitcoin’s future energy consumption would be much lower in less bullish scenarios. BTC price would need to reach $500,000 by 2040 for Bitcoin to consume 223 TWh per year. If Bitcoin trades at $100,000 in 17 years, BTC mining would consume just 45 TWh per year, the report notes.The analyst went on to mention the significant impact of the Bitcoin halving, a quadrennial event implying a.
As a store of value and a medium of exchange make up two of the most important functions of money, the report also suggests that Bitcoin’s energy consumption will only reach a significant level if Bitcoin succeeds as money.As many BTC skeptics believe that such a scenario is hardly possible, they should not worry about Bitcoin’s energy consumption, Mellerud hinted, stating:
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