/biz/ - Business & Finance

Bitcoin's proof of work energy consumption currently is 73.12 TWh, which is 0.33% of the worlds total electricity consumption. See more details in the picture.

Ok, lets say BTC gets more adoption and the price increases 10x to $75k, then the electricity consumption would be over 3% of what the world uses as a whole. Ok, still not a big problem I suppose.
Lets say Bitcoin reaches global adoption and is now one of the main currencies. The price is $750k (at that price BTC's marketcap would still be lower than the Euro). In that case the proof of work energy consumption would be 30% compared to the world.

This will not happen. At some point along the way the community, governments and basically everyone with a brain will demand a consensus algorithm that is not this wasteful.
I really hope and believe that the cryptocurrency that gains large adoption will not use proof of work.

Thoughts?