Energy consumption

Bitcoin mining consumes an estimated 128.84 terrawatt-hour per year of energy — more than entire countries such as Ukraine and Argentina, according to the Cambridge Bitcoin Electricity Consumption Index, a project of the University of Cambridge. China accounts for around 65% of all bitcoin mining globally — Inner Mongolia alone accounts for about 8%, due to its cheap energy. In comparison, the United States accounts for 7.2% of global bitcoin mining. Not all cryptocurrencies work like bitcoin, however.

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Shutting down crypto

China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on energy-consumption. Bitcoin is based on a decentralized network, which means it’s not issued by a single entity like a central bank. Transactions, recorded on a public ledger called the blockchain, need to be “verified” by miners.

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Currency of choice

The report added that bitcoin could eventually become “the currency of choice for international trade,” due to its global reach, neutrality and lack of foreign exchange exposure. The biggest change in recent years has been the shift from a retail-focused endeavor to “something that looks attractive for institutional investors,” the authors noted. If recent efforts lead to a central bank-backed digital currency, individuals and businesses would have digital wallets holding a variety of cryptocurrencies just like today, with checking, savings and treasury accounts, they said. “In this scenario bitcoin may be optimally positioned to become the preferred currency for global trade,” they added.

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Crypto Progress

The analysts, led by Citi GPS managing editor Kathleen Boyle, noted there was a “host of risks and obstacles” standing in the way of the cryptocurrency’s progress. “But weighing these potential hurdles against the opportunities leads to the conclusion that bitcoin is at a tipping point and we could be at the start of massive transformation of cryptocurrency into the mainstream,” they said.

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BTC acceptance

Bitcoin BTCUSD, +2.91% is at a “tipping point” and will either reach mainstream acceptance or face a “speculative implosion,” according to Citi analysts. But recent developments, including electric-car maker Tesla’s TSLA, -4.45% $1.5 billion investment and moves by PayPal PYPL, -1.62%, Visa V, -0.40% and Mastercard MA, -0.02% to accept payments, pointed toward the former.

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