Banks Consume 133% More Power than Bitcoin: Clean Energy Scholar

There are a lot of loopholes in the conversation around bitcoin and its annual energy consumption rate, says a clean energy specialist.
Professor Katrina Kelly-Pitou of the University of Pittsburgh wrote that researchers overestimate their findings of the cryptocurrency’s higher power consumption rates. Stating that banks annually consume more energy than bitcoin, its so-called alternative, one should not worry much about the cryptocurrency’s energy-intensive features. Excerpts:
“Bitcoin mining uses an excessive amount of power: somewhere between an estimated 30 terawatts hours in 2017 alone […] Indeed, this is a lot, but not excessive. Banking consumes an estimated 100 terawatts of power annually. If bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.”
Wrong Discussion
In retrospective, minting new bitcoin tokens requires the solving of a programmable puzzle using energy-intensive computer hardware. Miners that can provide more power have a better probability of solving the code. All they need is a state-of-the-art computer and access to unlimited electricity.
Bitcoin’s underlying algorithm receives criticism for promoting power wastage and increasing the earth’s carbon footprint. A Forbes article published in May last year stated that the cryptocurrency increased the global energy consumption rate by 2 percent.
Bitcoin Energy Consumption Index | Source:
Professor Kelly-Pitou believes that conversation around bitcoin mining is heading in the wrong direction. Instead of discussing how much the cryptocurrency consumes every year, researchers should talk about meeting bitcoin’s requirements using renewable methods. The researcher compared fossil-based mining farms in China with a 100% renewable energy-based fields in Ireland, stating that the source of electricity played an essential role in determining whether bitcoin mining is good or bad.
“Rather than discussing the energy consumption of bitcoin generally, people should be discussing the carbon production of bitcoin, and understanding whether certain mining towns are adding to an already large environmental burden,” – she wrote.
Bitcoin Miners are Clean Energy Lovers
A miner is also a businessman whose profit margin increases if his input costs go down. Professor Kelly-Pitou stated that many of these businessmen are already shifting their bases to areas that offer clean, cheaper energy. It is up to the government and energy companies to innovate their energy supplies using green solutions. The miners, in the end, would pick a town that has it.
“Increasing energy consumption is bad only if we aren’t shifting toward less carbon-dense power production,”  she added. “So perhaps people should quit criticizing bitcoin for its energy intensity and start criticizing states and nations for still providing new industries with dirty power supplies instead.”

Bitcoin And Crypto Market Facing Hurdles: BCH, Tron, XLM, ADA Analysis
Monday November 11, 2019

The total crypto market cap is currently correcting higher towards the $240.0B resistance. Stellar (XLM) price is performing nicely and it is up more than 5% above the $0.0750 resistance. Bitcoin cash price is...

The post Bitcoin And Crypto Market Facing Hurdles: BCH, Tron, XLM, ADA Analysis appeared first on 12bitplay - Bitcoin Play.

People say bitcoin mining wastes too much electricity. But I think, if we all use the bitcoins and shut down all the banks, it will save much more electricity, isn't it? The banker don't need to go to work any more and they also don't need to print money. Isn't it a much bet…
— Reddit Crypto (@crypto_reddit) July 1, 2019

Analysts Target Move to $8,400 as Bitcoin Plummets Below $9,000
Friday November 08, 2019

After a long period of consolidation within its previously established trading range, Bitcoin’s bears have now taken control and have pushed BTC’s price below its previous support level that existed around $9,000. Today’s drop...

The post Analysts Target Move to $8,400 as Bitcoin Plummets Below $9,000 appeared first on 12bitplay - Bitcoin Play.

The Cambridge Bitcoin Electricity Consumption Index reflects the cryptocurrency consuming 6.98 gigawatts at this time of writing.
The post Banks Consume 133% More Power than Bitcoin: Clean Energy Scholar appeared first on NewsBTC.

Ripple (XRP) Price Turns Short Term Bearish, $0.2980 Presents Resistance
Friday November 08, 2019

Ripple price is showing bearish signs and recently declined below $0.2980 against the US dollar. The price is currently consolidating losses above $0.2850 after it traded as low as $0.2746. There is a short...

The post Ripple (XRP) Price Turns Short Term Bearish, $0.2980 Presents Resistance appeared first on 12bitplay - Bitcoin Play.

You may also like...