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Beyond Bitcoin Bitcoin’s power consumption may only be the tip of the iceberg. Including estimates for three other cryptocurrencies adds 30 TWh to our annual estimate for Bitcoin alone.33,34 If we assume correlation to market capitalization, and only consider mineable currencies (unlike second layer tokens or coins with other consensus mechanisms), the remaining 618 currencies could potentially add a power demand over 40 TWh.1 This than nearly triples the power consumption we estimate for Bitcoin. While other blockchain platforms (e,g., the second largest cryptocurrency, Ethereum) work on switching protocols from Proof-of-Work to other, less energy-consuming consensus mechanisms, such as Proof-of-Stake, it is likely that Bitcoin will continue to use the established algorithm. Miners, who have a large influence on the development of Bitcoin, are not interested in removing the algorithm, which is central to their own business. Therefore, it is likely that Bitcoin will remain the largest energy consumer among public blockchain systems. Besides cryptocurrencies, there are other uses for blockchain. Bitcoin has managed to establish a global, decentralized monetary system, but fails as a general purpose blockchain platform. For instance, Smart Contracts are seen to disrupt traditional business models in finance, trade, and logistics. Like many earlier disruptive technologies, blockchain is merely the foundation and enabler of novel applications.35 Alternative protocols will help to reduce the power requirements of future blockchain applications. Notwithstanding, our findings for the first stage of blockchain diffusion underline the need for further research on externalities, in order to support policy-makers in setting the right rules for the adoption of these technologies. 12PDF Image | The Carbon Footprint of Bitcoin
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