The bitcoin protocol & expected reduction in energy consumption

People sometimes assume that bitcoin will commandeer entire energy grids. It likely won't.

First, because the energy mix of bitcoin grows less reliant every year. Eg US is shifting to ESG focused miners and china recently banned coal-based mining.

Secondly, miners receive small fees for the transactions that they verify while mining, as well as whatever profit margins they can get when they sell the bitcoins they have mined, and the bitcoin protocol, is built to halve this issuance-driven component of miner revenue every four years. The financial incentive to invest will naturally decrease.