The report says bitcoin consumes less energy than the banking system and the gold industry From Michael Novogratz
The following is the The report says bitcoin consumes less energy than the banking system and the gold industry From Michael Novogratz recommended by recordtrend.com. And this article belongs to the classification: Bitcoin.
According to the latest report provided by Galaxy data, energy consumption of bitcoin is far lower than that of traditional banking system and gold industry. In the turmoil triggered by Tesla CEO musk in the past few days, the discussion about the energy use of cryptocurrency has been very intense. However, Galaxy data, founded by former hedge fund manager Michael Novogratz, uses data to prove that the traditional banking system and gold industry actually consume more energy than the bitcoin network.
According to the report compiled by Galaxy Digital Mining Department, bitcoin’s annual power consumption is 113.89 TWH, including mining machine demand, mining machine power consumption, pool power consumption and node power consumption. This is less than half of the total energy consumed by the banking system each year (about 263.72 TWH).
Galaxy digital mining said that the energy consumption of bitcoin can be easily tracked in real time using tools such as Cambridge bitcoin power consumption index, with relatively high transparency. The assessment of energy consumption of traditional financial industry and gold industry is not so simple.
Therefore, is the power consumption of bitcoin network an acceptable energy use? The answer given by Galaxy data is yes.
At the same time, they also believe that energy use is not necessarily a bad thing. As American writer Vaclav SMIL once said, energy is the only common currency. People need more energy to discover new technologies and challenge the status quo. Bitcoin is a good example.
Anyone can use bitcoin and hold it. Bitcoin transactions can provide final settlement results in 365 days a year, 24 hours a day, and any hour.
Bitcoin’s flexible trading property can provide convenience for people around the world without stable financial infrastructure, and provide perfect solutions for intermittent unstable or excess energy, thus benefiting the energy sector. And once bitcoin network is adopted, it will only further expand the scale.
This morning, the ark platform also expressed its support for bitcoin:
In our opinion, the concern about the energy consumption of the bitcoin is wrong. Contrary to popular belief, we believe that bitcoin mining may have a positive impact on the environment. Through the actual data, we show how the mining industry can convert intermittent power resources into basic load power generation through energy storage, thus affecting the amount of renewable energy supplied to the grid. Without bitcoin mining, renewable energy can only meet 40% of the power grid’s demand, but with commercial “subsidies” related to bitcoin mining, it can meet 99% of the demand.
More reading: Google Trends: data shows that the search volume of “buy bitcoin with credit card” has reached an all-time high Gigawatt computing power exceeds 120eh / s Cambridge University: electricity consumption for bitcoin mining in 2019 exceeds the national electricity consumption of Switzerland Goldman Sachs: bitcoin does not have three traditional functions of currency PwC: bitcoin power consumption may increase to 0.5% by the end of 2018 coinmarketcap: Global cryptocurrency market value exceeds US $600 billion in December 2017 Barron’s Weekly: bitcoin hits Wall Street hot Chainalysis: the number of lost bitcoin is nearly 4 million coinmarketcap: in November 2017, the total scale of global cryptocurrency exceeded US $300 billion, and the annual power consumption of bitcoin mining is about 29.05twh, which is higher than that of 159 countries in the world. Peng Bo: Google search term “buy bitcoin” is more frequent than “buy gold”. University of Sydney: research shows that nearly half of bitcoin transactions involve illegal activities
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