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Using the overall wasted energy could make bitcoin an absurd $420 trillion entity, says a bitcoin developer.
The long-running debate about bitcoin mining’s energy consumption has added an absurd notion. Supporters of bitcoin mining claim that the industry is getting less than its demand while critics believe this is a highly energy consuming industry. While a fresh notion surfaced that claims that if bitcoin could have used 100 times more energy than it needed, the BTC price could reach $20 million.
On 17th July, developer Matt Odell posted a picture representing the overall energy consumption by bitcoin mining, alongwith the total energy production and and energy loss. This graphic showcased a huge amount of energy lost given the inefficiencies. It also consisted the calculation that states that global bitcoin mining consumes only a 0.16% out of total energy production that also accounts for only 0.49% of world’s overall wasted energy.
This Tweet ignited the discussion on bitcoin mining energy consumption where a bitcoin developer—Sjors Provoost— showed up with perhaps the most unique idea. He calculated that if bitcoin mining could have used the overall wasted energy, it would have ended up bitcoin holding an insane value of $420 trillion.
Bitcoin: A Work in Progress Author, Sjors Provoost, said that given the decrease in block subsidy by the road in ten years due to upcoming halvings, bitcoin mining would become more expensive. So, by the calculations, if bitcoin could get 100x of its present energy consumption, this would make BTC trading at $20M, he added. While if it uses overall waste energy, that would make it an entity with an absurd $420 trillion market cap, which is even more than entire real estates.
Energy consumption remains one of the issues that goes alongside bitcoin mining. In addition, issues like the recent bitcoin price dip that made many prominent bitcoin miners suffer through beleaguered situations. Many of them have to consistently empty their bitcoin reserves, in order to keep going while managing their mining operations and other expenses.
While such assumptions of bitcoin mining could have used this huge amount of energy without worry, might give a slight cheer for a moment to bitcoin miners, at least by the time when it becomes reality, someday.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.
