According to Research Banking System Consumes More Energy Than Bitcoin!

According to Galaxy's estimates, Bitcoin's annual energy consumption is 114 TWh, while the banking sector consumes more than 260 TWh each year.

The energy consumption of Bitcoin (BTC) became the agenda after Elon Musk's "tweet". According to research, the traditional banking system is said to consume much more energy than the Bitcoin network.

Galaxy Digital, a cryptocurrency company, published a report titled "Bitcoin's Energy Consumption".

According to Galaxy's research, the miner predicts Bitcoin's annual electricity consumption at 113.89 TWh, including power consumption, pool power consumption and "node" power consumption.

According to Galaxy's estimates, this amount is at least twice the total energy consumed annually by the banking system and the gold industry.

Galaxy Digital Mining says Bitcoin's energy consumption is transparent. He also says that it is possible to monitor Bitcoin's energy consumption using tools such as the Cambridge Bitcoin Electricity Consumption Index.

However, GDM says assessing the energy use of the gold industry and the traditional financial system is a bit more complex.

The report also stated that since the retail and commercial banking system has more than one settlement layer, electricity consumption data cannot be transferred directly.

Considering Galaxy's estimates of energy use by data centers of banking data centers, bank branches, ATMs and card network, the total annual energy consumption of the banking system is estimated to be 263.72 TWh worldwide.

To calculate the energy consumption of the gold industry, Galaxy Digital Mining applied estimates for the industry's total greenhouse gas emissions in the World Gold Council's report titled "Gold and climate change: current and future impacts". As estimated in the study, the approximate energy consumption of the gold industry per year is 240.61 TWh.

Source: Cointelegraph

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