Could BTC price hit $1.5 million with more efficient natural gas power?

02 May, 2019 | Updated: 03 May, 2019
by David Robb
Mining
Could BTC price hit $1.5 million with more efficient natural gas power?

The head of a BTC mining project has shared some interesting figures regarding the future development of Bitcoin, in terms of energy consumption. In a tweet, Steve Barbour claimed that BTC will have to be worth over $1.5 million for it to consume all the world's wasted natural gas energy.

Barbour is part of Upstream Data, a company which specializes in using natural gas and oil as part of BTC mining operations.

He claims that the amount of mining power on the Bitcoin network determines to a large degree the price that BTC is traded for, as miners always need to be able to offset their energy costs in order to turn a profit with their operations.

Barbour assumes that this dynamic is more or less likely to continue into the future, and he brings up the facts about wasted natural gas to show the potential that the BTC network has to grow as energy efficiency increases. As natural gas power plants get more efficient in future, the energy that currently goes to waste could be used up by Bitcoin as the network grows.

Projecting current figures about energy efficiency and mining costs into the future, Barbour believes that the top crypto could have a huge amount of price growth in store, increasing in value by as much as 300 times. As well as being a huge profit opportunity for traders, he also points out that investing more in BTC could be a good way to boost energy efficiency. This point could go some way towards defending BTC against those who have claimed that its growth will be hugely detrimental to the environment.

One observer did point out that Barbour's calculations may have been off, as the price of this unused natural gas would eventually rise as demand for it also increased. The miner agreed that this was likely, and conceded that the future BTC price might not be all that easy to predict.

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