Bitcoin’s Energy Use Less Than Half Of Banking’s & Gold’s
Never mind that those in control have been trying to smear Bitcoin with a host of reasons why it should be shunned….all the while grabbing up as much as they can. The Bitcoin energy debate can cease now…
Bitcoin’s energy use is less than half of banking, gold sectors: report
“…Indeed, such analysis can be done in real time with resources such as the Cambridge Bitcoin Electricity Consumption Index. It shows rising energy usage beginning in late-2020, as bitcoin’s price skyrocketed. Galaxy Digital found the total electricity consumption of the bitcoin network topped 113.89 terawatt-hours (TWh) at the time the report was written.
Quantifying the energy footprint of the financial sector or gold industry is far more challenging. For the banks, Galaxy Digital looked at four key areas of electricity consumption: data centres, bank branches, ATMs, and card network data centres. It estimates the global energy consumption of the banking system is 238.92 TWh per year.
For the gold industry, Galaxy Digital relied on greenhouse gas emissions estimates published by the World Gold Council to determine an annual energy usage of 240.61 TWh per year. The authors concede this estimate may omit some key sources of energy use, ‘like the energy and carbon intensity of the tires used in gold mines.'”