It Will Surprise You To Know Which Uses The Most Energy
Bitcoin, bitcoin energy, bitcoin energy consumption, bitcoin investment, crypto, crypto investment, cryptocurrency, energy consumption, energy consumption by bitcoin, Gold, traditional banking
, 2022-11-08 19:11:00,
By CNBCTV18.com IST (Published)
Recent studies have found that, while Bitcoin has massive environmental implications, the traditional banking sector and gold mining give the digital currency a good run. In fact, the former is said to consume at least double the energy annually
Over the last few years, proof-of-work (PoW) cryptocurrencies such as Bitcoin have taken significant flak from authorities and environmentalists. These networks are deemed to be highly power-intensive and said to leave a massive carbon footprint.
This is because the mining process of Bitcoin and other PoW blockchains requires vast computational power, resulting in high energy consumption. It’s the reason why China decided to ban Bitcoin mining in May last year. Following suit, New York also issued restrictions on mining operations that use carbon-based power sources.
However, recent studies have found that, while Bitcoin has massive environmental implications, the traditional banking sector and gold mining give the digital currency a good run. In fact, the former is said to consume at least double the energy annually. Surprised? Tag along to find out more.
How much energy goes Bitcoin consume?
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), BTC consumes electricity at an annualized rate of 120 terawatt-hours (TWh). That’s more than enough electricity to power the country of Norway for an entire year, according to Forbes. This number also translates into…
,
To read the original article from news.google.com Click here
Private Internet Access gives you unparalleled access to thousands
of next-gen servers in over 83 countries and each US state. Your
VPN experience will always be fast, smooth, and reliable.
