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According to an Arcane research report, Bitcoin (BTC) mining’s energy consumption will rise 10x and hit 894 Terawatt-hours (TWh) annually if the flagship crypto’s price reaches $2 million by 2040. The report calculated BTC’s future energy consumption based on bullish, bearish, and neutral future scenarios.
The effects of halving are observable in bearish and neutral scenarios. The bearish scenario implies a 4x increase in the prices. While it would be logical for the energy consumption levels to increase, the estimated consumption levels are lower than present-day levels.
The block subsidy halves every 210,000 blocks, roughly every four years. Due to this, mining’s energy consumption levels will gradually weaken as time passes.
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