Bitcoin mining uses half the energy the traditional banking system does, says new research from Mike Novogratz's firm
- A new study by
Galaxy Digitalasserts that bitcoin miningonly uses half the energy that the traditional banking system does.
- The study was published by the
cryptocurrencyfirm of bitcoinenthusiast Mike Novogratz.
- Gold mining also uses up twice as much energy as its bitcoin counterpart, the study argued.
In the midst of ongoing debate regarding the energy consumption of
The authors estimated the energy consumption of the entire bitcoin network at 113.89 terawatts per hour - 99% of which comes from operating mining machines. To contrast, Cambridge's Centre for Alternative Finance estimated bitcoin's energy consumption at 128 terawatts per hour as of March 2021.
Based on their calculations, bitcoin's energy consumption is only half of the traditional banking system's 263.72 terawatts per hour and gold mining's 240.61 terawatts per hour.
The authors also said that many don't realize how much less energy bitcoin uses because of how limited transparency can be into gold and financial-system data.
Read more: 'Wolf of All Streets' crypto trader Scott Melker breaks down his strategy for making money using 'HODLing' and 100-times trade opportunities - and shares 5 under-the-radar tokens he thinks could explode
- Impact of AI on Customer Service
- Bengaluru cafe blast: Karnataka CM Siddaramaiah to chair meeting with top police officials today
- India retains full policy space for benefit of farmers, fishermen at WTO: Goyal
- Sensex, Nifty settle at new closing high levels in first part of special live trading session
- Passive Income Streams