A new study from the New York Digital Investment Group (NYDIG) has projected that Bitcoin'due south free energy consumption will remain below 0.five% of the global total over the next decade.

NYDIG published its 'Bitcoin Net Zero' research paper this month, finding that Bitcoin's energy consumption and carbon emissions will not skyrocket in the coming years, even if prices do.

The study, which was penned by Castle Island Ventures partner Nic Carter and NYDIG founder Ross Stevens, discusses how the network's carbon emission may change in the hereafter, depending on fluctuations in Bitcoin's toll, mining difficulty and energy consumption.

The study'due south well-nigh ambitious outlook found that Bitcoin's emission would still represent a tiny fraction of the global total even if the price of BTC went through the roof past the year 2030, concluding:

"Even in our well-nigh aggressive, high price, scenario, in which Bitcoin reaches $10 trillion past 2030, its emissions amount to but 0.9 percent of the world'south total, and its energy outlay is only 0.4 percent of the global total."

The report projects the future growth of Bitcoin mining based on data from 2022. The researchers calculated the historical electricity consumption of Bitcoin miners equally a function of the network hashrate and motorcar efficiency.

For the twelvemonth 2022, the authors plant that Bitcoin consumed 62 terawatt-hours (TWh) of electricity and produced 33 million tonnes of carbon dioxide emissions to represent simply 0.04% of global energy consumption and 0.1% of global carbon emissions.

The authors asserted the carbon waste material associated with Bitcoin mining was "insignificant in global terms" during 2022.

Related: Bitcoin's power consumption this year has already surpassed all of 2022'south

Currently, BTC mining uses 101 TWh per year or 0.45% of global electricity. According to Cambridge University, the Bitcoin network consumes more free energy than the entire country of the Philippines.

However, the University also found that Bitcoin consumes less electricity than all the refrigerators in the Us combined, and only 4.six% of the full energy used for residential ac worldwide.

The written report also concluded that the prospects for "decarbonizing" Bitcoin mining in the future show significant promise, stating:

"Over the longer term, the intensity of Bitcoin's carbon emissions (and with it Bitcoin's absolute carbon emissions) will decline, as the development of renewables continues and countries strive to decarbonize their electricity grids."