Banking uses 56 times more energy than Bitcoin: Valuechain report
Analysis of Bitcoin’s proof-of-work and the Lightning Network exposes the banking system as energy-hungry, demonstrating that Bitcoin is better for the planet. Fresh figures on Bitcoin’s (BTC) energy consumption, efficiency and scalability serve to expose the banking sector while bathing the world's largest cryptocurrency in a new light. A research report published by Michel Khazzaka, an IT engineer, cryptographer and consultant, calculates that Bitcoin payments are a "million times more efficient" than the legacy financial system. Plus, the banking sector “uses 56 times more energy than....
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“Bitcoin uses 0.05% of world energy consumption. Banking uses 56 times more energy than Bitcoin,” Michel Khazzaka, a cybersecurity engineer and cryptographer, told Cointelegraph. The next time Bitcoin (BTC) 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....
A new report shows that the banking system consumes more than twice the amount of energy that bitcoin does. The authors analyzed bitcoin’s energy usage and compared it to the banking and gold industries. Banking System Consumes Much More Energy Than Bitcoin Galaxy Digital published a report last week entitled “On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Question.” The authors described, “This report took a quantitative approach, comparing Bitcoin’s energy usage to that of other industries.” Within the report was an....
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....
The report also found that a transaction on the Solana blockchain uses 24 times less energy than charging your phone. A transaction on the Solana network takes less energy than two Google searches, and 24 times less energy than charging your phone, according to a Nov. 25 report by the Solana Foundation.The report states that a single transaction on its network uses 0.00051 kWh, or 1,836 Joules, of energy. According to Google, an average search uses 0.0003 kWh or 1,080 Joules of energy. Perhaps more surprisingly, the report claims the entire Solana network uses an estimated 3,186,000 kWh....
A recent report from Galaxy Digital found that the Bitcoin network consumes less than half the energy consumed by the banking or gold industries.