It is estimated that by 2030, Bitcoin mining will account for 0.9% of global carbon emissions

A new study by the New York Digital Investment Group (NYDIG) predicts that in the next ten years, Bitcoin’s energy consumption will remain below 0.5% of the global total.

NYDIG publishes its “Bitcoin Net Zero” study Paper This month, even if the price rises, Bitcoin’s energy consumption and carbon emissions will not soar in the next few years.

The study was written by Castle Island Ventures partner Nic Carter and NYDIG founder Ross Stevens, and discussed how the future network’s carbon emissions will change according to the fluctuations in Bitcoin prices. Mining difficulty, and Energy consumption.

The most radical outlook of the study found that even if the price of BTC reaches its peak in 2030, Bitcoin’s emissions will still account for a small part of the global total. The conclusion is:

“Even in our most radical and highest price scenario, that is, by 2030, Bitcoin will reach 10 trillion U.S. dollars, its emissions will only account for 0.9% of the world’s total, and its energy expenditure will only account for 0.4% of the world’s total. “

The report predicts the future growth of Bitcoin mining based on 2020 data. Researchers calculated the historical power consumption of Bitcoin miners as a function of network hash rate and machine efficiency.

In 2020, the author found that Bitcoin consumes 62 terawatt hours (TWh) of electricity and generates 33 million tons of carbon dioxide emissions, accounting for only 0.04% of global energy consumption and 0.1% of global carbon emissions.

The author asserts that during 2020, the carbon waste associated with Bitcoin mining is “insignificant globally”.

related: Bitcoin’s power consumption this year has surpassed all of 2020

Currently, BTC mining uses 101 TWh per year, accounting for 0.45% of global electricity.according to Cambridge University, The Bitcoin network consumes more energy than the entire Philippines.

However, the university also found that the total power consumption of Bitcoin is less than that of all refrigerators in the United States combined, accounting for only 4.6% of the total energy consumption of residential air-conditioning in the world.

The report also concluded that “Decarbonization” Bitcoin Mining Demonstrate significant commitment in the future, stating:.

“In the long run, with the continued development of renewable energy and countries’ efforts to decarbonize the power grid, Bitcoin’s carbon emission intensity (and Bitcoin’s absolute carbon emission) will decline.”