100 times the energy consumption of Bitcoin would mean an "absurd" price of $20 million in BTC - developer
For Bitcoin's energy consumption to increase to absorb more residual energy from the world, its market capitalization would eventually be $420 trillion, calculates Sjors Provoost.
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A new contributor to the Bitcoin (BTC) energy debate claims that 1 BTC would have to cost $20 million to use 100 times its current energy needs.
In a Twitter discussion on July 18, Sjors Provoost, Bitcoin developer and author of “Bitcoin: A Work in Progress,” questioned the future power consumption of the largest cryptocurrency.< /p> Bitcoin Could Survive on “Breadcrumbs of Wasted Energy”
The amount of energy Bitcoin uses to survive has become a matter of friction that has moved from within the industry to global government.
Throughout the process, Bitcoin proponents have complained that a combination of bias and a lack of understanding of network principles leads those in power to draw the wrong conclusions about how and why Bitcoin uses technology. energy it uses.
While critics argue that Bitcoin needs to reduce its energy consumption, others argue that Bitcoin actually uses energy that would otherwise often be wasted or inaccessible.
Discussing the status quo, fellow developer Matt Odell posted a graph showing that Bitcoin mining currently uses only 0.49% of the world's wasted electricity and 0.16% of the global electricity.
In response, Provoost calculated that for power consumption to increase in proportion to changes in the Bitcoin network's pre-programmed changes, it would have to become a $420 trillion "absurd" entity.
>"In 10 years, the overall subsidy will be about 10 times lower (3 halves). In order to get 100 times the energy consumption of today, Bitcoin would then have to trade at $20 million (plus energy cost inflation adjustment),” he wrote.
"But a market cap of $420,000 is absurd, more than ANY real estate."
Bitcoin's halving cycles mean that the block subsidy — the amount of “new” BTC added to supply per block mined — halves approximately every four years. Each time, the mining ecosystem competes for less BTC, and thanks to Bitcoin's Proof-of-Work (PoW) mining algorithm...
For Bitcoin's energy consumption to increase to absorb more residual energy from the world, its market capitalization would eventually be $420 trillion, calculates Sjors Provoost.
Market news
A new contributor to the Bitcoin (BTC) energy debate claims that 1 BTC would have to cost $20 million to use 100 times its current energy needs.
In a Twitter discussion on July 18, Sjors Provoost, Bitcoin developer and author of “Bitcoin: A Work in Progress,” questioned the future power consumption of the largest cryptocurrency.< /p> Bitcoin Could Survive on “Breadcrumbs of Wasted Energy”
The amount of energy Bitcoin uses to survive has become a matter of friction that has moved from within the industry to global government.
Throughout the process, Bitcoin proponents have complained that a combination of bias and a lack of understanding of network principles leads those in power to draw the wrong conclusions about how and why Bitcoin uses technology. energy it uses.
While critics argue that Bitcoin needs to reduce its energy consumption, others argue that Bitcoin actually uses energy that would otherwise often be wasted or inaccessible.
Discussing the status quo, fellow developer Matt Odell posted a graph showing that Bitcoin mining currently uses only 0.49% of the world's wasted electricity and 0.16% of the global electricity.
In response, Provoost calculated that for power consumption to increase in proportion to changes in the Bitcoin network's pre-programmed changes, it would have to become a $420 trillion "absurd" entity.
>"In 10 years, the overall subsidy will be about 10 times lower (3 halves). In order to get 100 times the energy consumption of today, Bitcoin would then have to trade at $20 million (plus energy cost inflation adjustment),” he wrote.
"But a market cap of $420,000 is absurd, more than ANY real estate."
Bitcoin's halving cycles mean that the block subsidy — the amount of “new” BTC added to supply per block mined — halves approximately every four years. Each time, the mining ecosystem competes for less BTC, and thanks to Bitcoin's Proof-of-Work (PoW) mining algorithm...
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