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  • 100X Bitcoin energy use would mean 'absurd' $20M BTC price — developer
    100X Bitcoin energy use would mean 'absurd' $20M BTC price — developer
    For Bitcoin energy usage to increase to absorb more of the world's waste energy, its market cap would end up being $420 trillion, calculates Sjors Provoost. A new contributor to the Bitcoin (BTC) energy debate says that 1 BTC would have to cost $20 million to use 100 times its current energy demands.In a Twitter debate on July 18, Sjors Provoost, a Bitcoin developer and author of “Bitcoin: A Work in Progress,” cast doubt on the largest cryptocurrency’s future energy use.Bitcoin could survive on "waste energy breadcrumbs"How much energy Bitcoin uses to survive has become a topic of friction which has gone from within the industry to global government.Throughout the process, Bitcoin proponents have complained that a combination of bias and lack of understanding of network principles are leading those in power to make incorrect conclusions about how and why Bitcoin uses the energy it does.While critics argue that Bitcoin must reduce its energy consumption, others explain that Bitcoin in fact uses energy which would often otherwise be wasted or inaccessible.Discussing the status quo, fellow developer Matt Odell published a graphic showing that Bitcoin mining currently only uses 0.49% of the world’s wasted electricity, and 0.16% of electricity overall.Responding, Provoost calculated that for energy use to increase proportionally with changes in the Bitcoin network’s preprogrammed changes, it would have to become an “absurd” $420 trillion entity.“In 10 years the block subsidy will be ~10x lower (3 halvings).