Arcane: The adoption of BTC will increase energy consumption to catastrophic – Bits Media

The analytical company Arcane Research has published a report, where he claims, that to 2040 a year bitcoin can become one of the main consumers of electricity in the world.

Analyst Jaran Mellerud (Jaran Mellerud) Notes in the report, that the volume of energy consumption by bitcoin in the future will depend on its value, Transaction commissions, Prices for electricity and some other factors. If the price for one BTC reaches $2 million, The expert predicts, then through 17 Bitcoin will be able to consume annually 894 Dough, which is ten times larger than today's level. The analyst thinks, that despite the huge growth, Such energy consumption will be all 0.36% from the alleged world energy consumption in 2040 year.

"Currently, Based on energy consumption in 88 Twead and average energy in energy in $50 for the MWh, Bitcoin miners spend around 50% their income for energy ", - noted Mellerud.

With less optimistic BTC growth scenarios in the future, bitcoin energy consumption will be much lower. If the price of BTC reaches 2040 a year just $500 000, The bitcoin network will consume 223 Tweadch per year. If through 17 BTC years will cost $100 000, Bitcoin mining will absorb everything 45 Tweadch per year.

The analyst noted the significant influence of the Bitcoin halving, event, which occurs once every four years, And it suggests 50% reduction of remuneration to miners for block.

According to the report, The price of BTC should grow at a huge pace due to halving, While the “mitigating effect” of the reduction can double the growth of the commissions for transactions in the future.

Arcane Research analyst considers, that the growth of bitcoin and its energy consumption in the future is possible only if it is accepted by official payment. If bitcoin fails, the growth of electricity consumption is not expected.

According to the Cambridge Electricity Consumption Index of Bitcoin (CBECI), Against the backdrop of a cryptocurrency market., Energy consumption of the first cryptocurrency blockchain has fallen by a quarter since the beginning of June.