Bitcoin miners will consume 0.5% of the world’s electricity by 2040

According to Arcane Research analysts, by 2040, bitcoin miners will consume about 0.5% of the world’s electricity, which will happen if the value of the flagship cryptocurrency reaches $ 2 million.

According to Arcane Research analyst Jaran Mellerud, in 17 years, the VTC will consume 894 terawatt-hours (TWh) per year, which is 10 times more than today’s figures. According to Mellerud, the cost of HTS will continue to grow, so miners will expand their activities and mine more bitcoins.

Interestingly, by 2040, the Austrian government plans to make the country energy independent by using decentralized renewable energy sources and blockchain technologies in peer-to-peer (P2P) energy trading. Currently, the price of a kilowatt-hour of electricity, and thus the cost of mining HTS, is quite high in the country. The same cannot be said about Kuwait, which is the cheapest country for bitcoin mining — the cost of mining 1 BTC is $ 1393.