Neglecting Bitcoin's sustainability in the long run, OPEC and other crude oil regulators, the price of a barrel of crude oil will be derived from how much energy is expended to mine one bitcoin.
In October, James Stafford of Oilprice.com estimated that Bitcoin mining consumes 22.5 terawatt hours (TWh) of energy annually, which amounts to 13,239,916 barrels of oil equivalent.
With 12.5 Bitcoins mined every 10 minutes, that means the average energy cost of one Bitcoin would equate to 20 barrels of oil equivalent.
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