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You might have already heard about the present energy consumption of bitcoin. But what about future consumption? Well, that can be predicted using regression. From the above graph, we can see that the actual energy consumption is always moving towards the prediction model. Currently, actual consumption is below our prediction. That is due to the Chinese crackdown and chip shortage.
As of today, bitcoin consumes 99TWh of Electricity. That is 0.44% of world electricity consumption. You can see from the graph by 2023 June energy consumption reach 500TWh. At that time it is less mean full to say x% of the world's energy. Because when bitcoin consumes that much energy. Countries like China, India impose a more strict ban. At least on mining. x% consumption of capitalist countries like the USA is more meaningful. By 2025 June consumption will reach 1500TWH.
What about other cryptocurrencies? We do not have any accurate data. Other cryptocurrencies combined consumption might be as much as bitcoin. Because the market dominance of bitcoin is only 42%. Indeed, every cryptocurrency is not using the Proof of work model. Other less energy consumption model cryptocurrencies also exist. But some experts are saying the large market cap of proof of stake coins is because of PoW coins. For example for transferring money faster from one exchange to other, diversifying the money invested in cryptocurrencies, etc. Without PoW coins, PoS coins might have a hard time keeping a large market cap.
By assuming combined electricity consumption of altcoins is as much as bitcoin. Total cryptocurrency electricity consumption reaches 3000TWh by 2025 June. Note that today USA's total electricity consumption is 3843TWh. We are not saying bitcoin will end because of the energy problem. But saying that electricity production will increase to cope up with the energy demand created by cryptocurrencies. The production of coal, crude oil, etc will increase.
Now, remember what Satoshi Nakamoto said
I'm sure that in 20 years there will either be very large transaction volume or no volume.
I am rewriting that from an Energy perspective. As I said earlier x% of the world's electricity is less meaning full. Because most of the non-capitalist countries will put a more strict ban as the consumption increase.
I'm sure that by 2030 combined consumption of electricity by cryptocurrencies will be more than half of the electricity produced in the USA