On May 31, 1999, as the dot-com economy was beginning to take off, a Forbes article was published that claimed that it was “reasonable to project that half of the electric grid will be powering the digital-Internet economy within the next decade.” The piece accused the internet—and, specifically, hardware companies—of “burning up an awful lot of fossil fuels” and setting the world on a dangerous trajectory of energy usage.
 


When the California energy crisis hit in 2000, resulting in a nationwide conversation about energy usage, this narrative entered the mainstream. Dozens of other high-profile publications cited the Mills report, claiming that the internet was on track to gobble up the national energy supply. Internal reports by JP Morgan, Bank of America, and Deutsche Bank also cited these figures “with little or no indication that there was even a debate about them.” For such a provocative claim, there was a shocking degree of consensus.

The problem? The projections were wrong. Mills’s calculations were fraught with errors, resulting in a figure for internet power usage that, according to subsequent estimates, was at least a factor of eight too high. The data today, two decades after the Forbes article, clearly illustrates that these doom-and-gloom projections were way off-base. Even the most aggressive projections today show the internet only consuming 20% of electricity by 2025, and many tech giants are fully transitioning to renewable energy.

Read everything at the following link and please share it everywhere. If you are on Twitter, tag Elon as he needs to get bombarded.
https://www.veradiverdict.com/p/bitcoin-energy-consumption