Why Banking Uses at Least 56 Times More Energy than Bitcoin
Bitcoin uses .05% of world energy consumption whereas banking uses 56 times more energy
Why banking uses at least 56 times more energy than Bitcoin
“The next time Bitcoin comes under fire for energy consumption, remember this statistic: the banking industry uses at least 56 times more energy. That’s according to cryptographer and founder of Valuechain, Michel Khazzaka:
‘I’m not saying it uses less or the same, just know it uses 56 times more than Bitcoin.’
The statistic, first shared by Michel Khazzaka in the summer, caused a stir in the Bitcoin and wider crypto community. He published his estimates in a Valuechain report, a company he founded to investigate the world of crypto payments.
In an exclusive Cointelegraph Crypto Story interview, Khazzaka talks viewers through the extensive research that led to striking conclusions. In short, Bitcoin might not be as bad for the environment as the mainstream media lead people to think.”