Over the years, analysts and environmentalists have constantly called Bitcoin mining an energy-intensive venture. This has brought a continuous spotlight on Bit - bitcoin bitcoinmining
Analysts and environmentalists have called Bitcoin mining an energy-intensive venture. This has brought a continuous spotlight on Bitcoin mining’s energy consumption. But it has also made everyone blind to traditional banking's colossal energy consumption. This financial sector consumes more energy than Bitcoin. Traditional banking activities include cash printing and running automated teller machines and PoS systems. Traditional banks consume about 17.6 TWh annually in renewing banknotes.
With this alone, banks consume about 17.6 TWh of energy yearly in renewing banknotes. Michel obtained these statistics using the information provided by Banque de France. Banks do not make these details open to the public. “The share of cash transactions at an electronic PoS is more frequent than the cash distribution by banks and even more frequent than electronic vicinity payments at shops.”
This gives you an idea of how much the traditional banking sector is an energy glutton. So, why are these individuals, reports, and publications focused on Bitcoin mining?Bitcoin operates on the Proof-of-Work consensus mechanism. But it is not as energy-consuming as its antagonists try to portray.“Bitcoin mining is neither the problem nor the solution to the challenge of reducing carbon emissions.
The study further calculated the average lifespan of Bitcoin mining rigs. It factored in the surge from the use of wind, hydro and solar power by BTC miners. Another consideration was miners' use of energy-conserving mining technology.
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