Banking system consumes two times more energy than Bitcoin: research

Banking system consumes two times more energy than Bitcoin: research

According to Galaxy’s estimates, the annual energy usage of Bitcoin stands at 114 TWh, while the banking industry consumes over 260 TWh each year. Amid the ongoing concerns over Bitcoin's (BTC) energy consumption, a new study states that the traditional banking system consumes much more energy than the Bitcoin network.Michael Novogratz’s cryptocurrency firm Galaxy Digital released a report Friday titled “On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Question,” providing open-source access to its methodology and calculations.Compiled by Galaxy’s mining arm, the....


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