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The Efficiency of the Network Is Increasing
As of today, Bitcoin has taken up maybe 15 basis points of the world's energy. The efficiency with which that encryption is taking place is improving somewhere in the range of 36 to 40 percent a year. If Google and Microsoft decided tomorrow they're going to turn all of their data centers into Bitcoin mining data centers, it would probably be like a million dollars to coin because they don't have ASICs.