Will Bitcoin Eat All The World's Energy? What then? + Contest

billionairepal (50)in #btc • 5 years ago

Between the year 2020 and 2030, Bitcoin will consume the entire world's energy, if the mining energy consumption grows at today's rate. What will happen then? And how will it impact you? I am mulling over this question in Konstanz/Germany. There is also a contest at the end of the video.

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VIDEO TRANSCRIPTION

Hi guys! Today I will tell you what happens when Bitcoin consumes all of the world's energy. What happens then?

Stay with me till the end of this video. There will be a contest and something to win.

[Music]

What happens when Bitcoin consumes all of the world's energy?

Today Bitcoin consumes around 0.5% of the world's energy. It's somewhere between the energy of consumption of Ireland and energy consumption of Austria

It's quite a bit amount of world's energy. Some people say, by the year 2025 Bitcoin will consume more energy than all the electric cars together.

And other people predict that somewhere between 2020 and 2030 Bitcoin will indeed consume all of the world's energy.

But is it imaginable that Bitcoin will take all of the world's energy and there will be no energy left for private energy consumption

For the industry, for the transportation?

I think it's just impossible. What will happen instead is there will actually be the steadily rising energy prices.

Assuming that energy production won't catch up with the rising energy demand of Bitcoin and of course, of other industries.

What happens then is just simple economic. The energy price rises.

And I guess, when Bitcoin consumption will grow up to 5-10% and will be growing with the same speed as today, we will see a dramatic rise of energy prices.

Because the energy grids, the energy production won't be able to develop in the same speed.

And rising energy prices, as we said in the latest video, will cause the Bitcoin mining profitability to go down.

It means Bitcoin mining will turn to be less profitable. And less and less people will be able to mine Bitcoin.

Because for more and more people it just won't make any economical sense anymore. It means that the growth of Bitcoin energy consumption will slow down

Or even it will decrease. The energy consumption will decrease. What other trends, what other phenomenons will we be observing?

I guess there are 5 things that we will be observing in that time.

The first 2 things I was talking about in the last video. So, we will see Bitcoin production move to the countries with lower energy prices.

So, this is clear. But it will be more interesting for Bitcoin markets or countries where there is a high energy production and low energy consumption.

Meaning energy exporting countries. In these countries the prices will be less affected by this growing energy consumption.

Meaning in these countries the energy prices will be more competitive. Then we will see big mining companies actually buying out energy plants.

And those having access to energy production and not having to buy energy at the market prices will just avoid competition in the energy market

By having their own energy.

And when we are talking about this we will see huge energy miners not only buing electricity plants. They will actually build their own plants.

The solar plants, the wind parks and of course, maybe hydroelectric plants and they will do it in third-world countries. Why in third-world countries?

Because in third-world countries they will be able to get better working conditions for their plants. Maybe they won't have to sell energy before they buy it

So, less regulation! And they will avoid the market mechanisms. So, there will be less competition for the energy, the prices will be lower.

Then what could happen? If the energy consumption still grows and Bitcoin mining is still profitable can happen.

Companies will start building solar panels on the seas, on the oceans. Or wind parks or solar to use the space that doesn't belong to anybody / any country

They will try to get the best deal on the energy. And if the energy price is high enough it may even pay off for them to build solar parks in the space

Maybe even on the moon. It depends, of course, we talk in the perspective of 30-50 years. Who knows!?

Maybe we will have energy parks even on the moon. But this all, of course, happens only if Bitcoin mining is still profitable

If it is not profitable, then watch my other video I've made before. You will see what happens then.

One surprising thing that may happen, that you may not think about is the following...

When energy prices go up, they go up for everybody. For industry, for private households and so on...

And people may not be able to pay their energy bills (maybe in some cases).

And if there is a crisis in the economy, politicians (especially populistic politicians) will be looking for scapegoats

And Bitcoin miners may be stopped as scapegoats in such situations.

They will be vilified and they may be even persecuted. Especially in the most developed, in the most industrial countries. Why in those countries?

Because in those countries the competition, the demand for energy will be much higher than the demand for the energy in the less developed countries.

There is a huge industry in the western countries and they will be competing for energy with Bitcoin miners.

And if these companies, the industry companies will become unprofitable, they will start to layoff people. They will come to crisis, and so on...

Bitcoin miners will be seen as the bad guys who destroyed the economy, wo are bad for the economy, and so on...

They may be vilified, they may be persecuted and you may see these developments in the coming years.

All this happens, of course, if Bitcoin mining is still profitable, if there are more and more people mining.

What happens if Bitcoin mining becomes unprofitable. This is what we were talking about in the last crypto video. Check out this crypto video.

I will put a link here and maybe in the description below. Subscribe to this channel.

I talk here a lot about cryptocurrencies, about my thoughts about cryptocurrencies, about my experiences with investing in cryptocurrencies.

I talk here a lot about the most successfull entrepreneurs in the world, about the self-made billionaires. How they think and how they act.

And also about doing the impossible. How to do things that you thought would be impossible to do. Great, amazing things.

I invite you to leave your comments. What do you think will happen with the growing energy consumption of Bitcoin?

What will be the... maybe not causes, but the events around that? What will be the consequences?

What will be the impact on the economic and political map of the world?

So, leave your comment below, I invite you to share this video. Share it with your friends, with your loved ones. One day they will thank you for that.

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That's it from the great, wonderful Konstanz at lake Boden. I wish you a fantastic day! Let's do something extraordinary today!

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