A new report claims Bitcoin uses 8X as much electricity as Google and Facebook combined, but Pomp has defended the network's energy use as justified by its utility and said that it's becoming more efficient as it scales.
Bitcoin influencer and podcaster Anthony “Pomp” Pompliano said that there is no need to “apologize” for Bitcoin’s energy use, because “crucial things in the world use energy.”
He made the comments in a Dec 27 interview on CNBC’s morning news and talk program, “Squawk Box” with Joe Kernen. During the interview, he claimed that many people are missing “key points” in the “climate argument” against the Bitcoin ecosystem, especially in terms of comparisons with fiat currencies like the U.S. dollar:
“There is a linear relationship between energy consumption and the dollar system, to support more users and more transactions, we need to consume more energy, more data centers, more bank branches, more ATMs.” He added the, “Bitcoin blockchain does not have this same linear relationship with energy consumption, that is because regardless of the number of transactions per block, there is the same energy consumed by each block. As Bitcoin scales, it will become more efficient because you will be able to add more economic value to each of these blocks.”because more and more efficient because you can pack more economic value into each one of those blocks.
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