Statement about Bitcoin mining and energy consumption

There is a lot of discussion about how much electricity will be consumed in Bitcoin mining and energy, which has been increasing day by day in the world.

Last week, Morgan Stanley analysts stated that Bitcoin mining enterprises had 140 terawatts in 2018. announced that it can consume electricity for hours. That figure accounts for about 1 percent of global demand and is shifting attention from electric cars to Bitcoin as a new source of energy consumption.

On Tuesday, Credit Suisse said that Bitcoin will create “uncontrolled growth” in power demand. opposed. The bank’s analysts recalled predictable forecasts for the demands of other industries, such as data center operators, which are finding ways to reduce overconsumption.. Credit Suisse predicted a similar situation for cryptocurrencies.

Analysts led by Michael Weinstein used the following statements in their report:

This is doomsday for the environment, as some fear.

Is Bitcoin mining and energy use increasing?

As a result of the debate, how hard to predict the demand for the cryptocurrency market is is also revealed. When Bitcoin exploded in 2017, the electricity demand associated with it soared to around 20.5 terawatt-hours per year, according to a report by Bloomberg New Energy Finance.

Isabelle Edwards, a Bloomberg New Energy Finance (BNEF) analyst. stated that it is impossible to know where the market is going as it has started to mine more at higher prices.. Edwards used the following words in his statements:

If prices stay high, energy consumption will do the same.. However, the amount of electricity required for Bitcoin mining may decrease if there are improvements in computer technology.. Meanwhile, if prices fall, it is inevitable that some miners will be out of the market.

The Morgan Stanley report also suggested that Bitcoin mining could contribute to the growth of renewable energy from the US to China.

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Attention needed

Credit Suisse urges investors to be cautious as they hope to benefit from growth in electricity demand. At current Bitcoin and electricity prices, power and fuel suppliers could have $5 billion as a “global annual revenue opportunity.”. This compares to more than $6 trillion in global energy expenditure each year.

The report said:

This is a small fraction of global electricity use and a smaller share of total global energy expenditure.