The crypto company Galaxy Digital presents a report that compares the electricity consumption of Bitcoin with that of the major banks. The result. Bitcoin doesn\u2019t even use half as much.Concerns about the high energy consumption of Bitcoin (BTC) are raised again and again. Elon Musk recently announced that he would no longer accept payments in Bitcoin for Tesla cars. He justified this with the rapidly increasing consumption of fossil fuels, especially for Bitcoin mining. Now, however, a recent study says that the traditional banking system uses a lot more energy than the entire Bitcoin network.Mike Novogratz\u2019s \u2018cryptocurrency firm Galaxy Digital released a report on Friday looking at Bitcoin\u2019s energy consumption compared to banking. The report offers \u201ca quantitative approach to a subjective question,\u201d as it says in the subtitle. Galaxy also provides open-source access to its methodology and its calculations.The study carried out by Galaxy\u2019s mining arm estimates Bitcoin\u2019s annual electricity consumption at 113.89 TWh. This includes the power consumption of all miners, pools, and nodes. This volume is at least twice less than the total energy consumption of both the banking system and the gold industry \u2014 independently of one another \u2014 on an annual basis, according to Galaxy estimates.According to the study, Bitcoin\u2019s energy consumption is transparent and easy to track in real-time using tools like the Cambridge Bitcoin Electricity Consumption Index. However, evaluating the energy consumption of the gold industry and the traditional financial system is not that easy, according to Galaxy Digital Mining.There is no doubt that the Bitcoin network has a high energy demand. But this energy consumption makes the network stable and secure. For critics, the energy consumption is a godsend. But this criticism begs the question: Compared to what is the energy consumption high?Based on Galaxy estimates of the power consumption of bank\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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