The New York Digital Investment Group (NYDIG) has revealed a new study in which the group expects Bitcoin (BTC) to continue accounting for 0.5% of the global energy consumption over the next 10 years.
The NYDIG's study argues that BTC’s energy demands will not grow exponentially even if the price does.
Accounting for all significant factors, NYDIG expects to see energy consumption remain fairly stable based on price fluctuations, mining difficulty and advances in renewable technology.
Even the NYDIG's most aggressive outlook for the future doesn't foresee BTC accounting for more than 0.9% of emissions.
The authors of the study, Nic Carter and Ross Stevens, said: “Even in our most aggressive, high price, scenario, in which Bitcoin reaches $10 trillion by 2030, its emissions amount to only 0.9 per cent of the world’s total, and its energy outlay is just 0.4 per cent of the global total.”
To put this in perspective, the authors used 2020 data and argued that BTC used up 62 terawatt-hours of electricity and released 33 million tons of carbon emissions, accounting for 0.04% and 0.1% of the global levels respectively.
Bitcoin, according to the study, consumes a fraction of what refrigerators in the US do. Not just that, but the study expects the overall energy consumption and emissions from BTC to steadily decline, with the arrival of new technology and environmentally-friendly choices, such as Tesla's decision to discontinue $BTC payments until such a time the currency was generated through green energy.
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