The Tide Has Turned: Cambridge Revises Down False Bitcoin Energy Estimates

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....

Some governments can negatively impact Bitcoin's environmental footprint by banning BTC mining, according to new data from Cambridge. The electricity mix of Bitcoin (BTC) has drastically changed over the past few years, with nuclear energy and natural gas becoming the fastest growing energy sources powering Bitcoin mining, according to new data.The Cambridge Centre for Alternative Finance (CCAF) on Tuesday released a major update to its Bitcoin mining-dedicated data source, the Cambridge Bitcoin Electricity Consumption Index (CBECI).According to the data from Cambridge, fossil fuels like....

The Cambridge Centre for Alternative Finance (CCAF) at Cambridge Judge Business School announced the beginning of the Cambridge Digital Assets Programme today (CDAP). CDAP is a research project aimed at understanding the evolution of digital assets and value transfer systems. Cambridge Research For Crypto The University of Cambridge is launching a new project aimed at […]

ESG-led Bitcoin mining is not only possible, but it’s ultimately the most responsible and prosperous way to show leadership in this growing industry. Is it possible to mine Bitcoin (BTC) using only 100% renewable energy sources and deliver the same economic returns as those using carbon-based sources? The answer is yes, according to Square’s recent analysis on the cost of renewables and their impact on Bitcoin mining.Unfortunately for our industry, the number of headlines and headline-making tweets about Bitcoin’s energy use and potential environmental impact has followed its rise in value....

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....