Bitcoin’s energy usage will remain below 0.5% of the world total over the next decade. According to a recent analysis by the New York Digital Investment Group (NYDIG).
Bitcoin Net Zero Report
This month, NYDIG released its ‘Bitcoin Net Zero’ study report. The report found that, despite rising prices, Bitcoin’s energy usage and carbon emissions will not grow in the future years.
The research, written by Castle Island Ventures partner Nic Carter and NYDIG founder Ross Stevens, looks at how the network’s carbon emissions may vary in the future due to price changes, mining difficulty, and energy usage.
Even if Bitcoin’s worth skyrocketed by 2030, the study’s most optimistic scenario revealed that Bitcoin’s emission would still be a minuscule percentage of the world total.
BTC’s Mining Future
Based on data from 2020, the research forecasts BTC’s mining’s future growth. The researchers assessed Bitcoin miners’ historical power use as a function of network hashrate and equipment efficiency.
According to the authors, they consumed 62 terawatt-hours (TWh) of power. Therefore, creating 33 million tonnes of carbon dioxide emissions in 2020. Additionally, accounting for only 0.04% of world energy consumption and 0.1% of global carbon emissions.
The authors claimed that the carbon footprint of Bitcoin mining would be “insignificant in global terms” by 2020.
Enormous Energy Consumption
BTC mining now consumes 101 TWh per year or 0.45% of global power. The Bitcoin network, according to Cambridge University, consumes more energy than the Philippines as a whole.
However, according to the university, Bitcoin uses less energy than all refrigerators in the United States combined, and just 4.6% of the total energy used for home air conditioning globally.
The research also found that the future possibilities for “decarbonising” Bitcoin mining are quite promising.