Bitcoin mining will consume around 70TWh for 2020 (~3 nuclear power plants).
As far as I know, electricity is paid using fiat money. If 1 kWh costs 0.1 $, without counting hardware costs, that means that 1 year of mining costs $7 Billion for electricity.
At the moment, the Bitcoin capitalization is around 357 B$.
It follows that 2% (7/357*100) of the capitalization is used by electricity every year!
Who is paying for that (and how can it be sustainable)?
- people who invest in Bitcoin using fiat money?
- by Bitcoin deflation comparatively to fiat money?
- people who lose money when/if Bitcoin goes down?
- more generally: Mafia (an expensive laundry is not a problem if it is good)?
- or I don't understand enough how Bitcoin works, and that's something else :-) ?