According to the recent "Bitcoin Net Zero" study conducted by New York Digital Investment Group (NYDIG), the energy consumption associated with Bitcoin mining will remain below 0.5% of the global total over the next decade.
According to the research, Bitcoin's energy consumption and carbon emissions will not experience a significant increase over the next few years despite the expected price increase.
The research, which was conducted by Nic Carter, partner at Castle Island Ventures, and Ross Stevens, founder of NYDIG, focused on how carbon emissions from the Bitcoin network could change in the future based on Bitcoin price fluctuations, the difficulty of mining the cryptocurrency and energy consumption.
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According to the study results, Bitcoin issuance would still account for a small fraction of the global total even if the price of the asset skyrocketed by 2030:
"Even in our most aggressive, high price, scenario, in which Bitcoin reaches $10 trillion by 2030, its emissions amount to only 0.9 percent of the world’s total, and its energy outlay is just 0.4 percent of the global total."
The authors of the study claim the carbon waste associated with Bitcoin mining was "insignificant in global terms" during 2020.