Bitcoin Consumes Too Much Energy? New Report Says Banking System Consumes Twice as Much Energy as Bitcoin

Stop saying Bitcoin uses energy, the banking system and gold consume far more energy than Bitcoin.

Tesla CEO, Billionaire Musk, the world’s richest man, has recently continuously criticized the huge energy consumption of Bitcoin, and even Tesla has suspended Bitcoin payments, causing the cryptocurrency market to sink continuously. Is it true that Bitcoin consumes huge amounts of energy and causes serious environmental problems?

Bitcoin Consumes Too Much Energy? New Report Says Banking System Consumes Twice as Much Energy as Bitcoin

A new report shows that the banking system consumes more than twice as much energy as Bitcoin does. The authors of the report analyze Bitcoin’s energy use and compare it to the banking and gold industries.

The Banking System Consumes More Energy Than Bitcoin
Galaxy Digital released a report last week titled “On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Problem”. The authors describe, “Using a quantitative approach, this report compares Bitcoin’s energy use to that of other industries.”

In the report, energy consumption is compared between the banking system, gold and bitcoin.

Bitcoin Consumes Too Much Energy? New Report Says Banking System Consumes Twice as Much Energy as Bitcoin

According to the report, the Bitcoin network consumes an estimated 113.89 TWh/year in total. This estimate includes miner demand, miner power consumption, pool power consumption, and node power consumption.

Bitcoin Consumes Too Much Energy? New Report Says Banking System Consumes Twice as Much Energy as Bitcoin

The report estimates that the gold industry uses approximately 240.61 TWh per year, but that still falls short of the energy consumed by the banking system.

The report authors note that “the four key areas of electricity use associated with the broader banking system are bank data centers, bank branches, ATMs and data centers for card networks.”

They write.

We estimate that the banking system uses 263.72 TWh of energy per year.
This means that the banking system consumes more than twice as much energy as Bitcoin does.

Finally, the report highlights the features of Bitcoin that could provide financial freedom for people around the world. Galaxy Digital believes in the future of Bitcoin and the broader ecosystem. Furthermore, “the Bitcoin network can benefit the energy industry by creating the perfect use case for intermittent and excess energy. Moreover, the Bitcoin network can only scale further if network adoption is permitted.”

The report’s authors emphasize that “energy use is not necessarily a bad thing,” and note that “humanity will continue to look for new technologies that require more energy, which challenges the status quo. Bitcoin is another example.” They then revisit the initial question.

Is the power consumption of the Bitcoin network acceptable? Our answer is yes: Yes.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-consumes-too-much-energy-new-report-says-banking-system-consumes-twice-as-much-energy-as-bitcoin/
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