⭐ Merited by The Pharmacist (3)
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Bitcoin uses electricity.Come on, spit it out, what are you trying to say
The price has gone x6 times from October and the hashrate thus electricity consumption just 30%,.
Plus, there will be a halving coming dropping again the reward directly affecting mining profitability and again consumption.
The price is not dependent on the energy consumption, energy consumption is dependent on the price (and on many other factors).
Bottom line the price could reach 1 million with just a doubling consumption, not even close to what you are imagining.
(Before I go any further, I'm a normal middle aged guy who uses bitcoin as 10% of a well balanced portfolio of stocks/bonds/other crypto etc. However, I have already started dumping bitcoin because of climate fears. I am completely emotionless about the concept of Bitcoin and am in it for speculation - although I do enjoy the odd conversation about it such as this)
This is the article I read about it:
"If Bitcoin were to be adopted as a global reserve currency," he speculates, "the Bitcoin price will probably be in the millions, and those miners will have more money than the entire [US] Federal budget to spend on electricity."
"We'd have to double our global energy production," he says with a laugh. "For Bitcoin."
https://www.bbc.co.uk/news/science-environment-56215787