{"id":1086,"date":"2021-05-18T09:00:05","date_gmt":"2021-05-18T08:00:05","guid":{"rendered":"https:\/\/mydailybells.com.ng\/businessbells\/?p=1086"},"modified":"2021-05-18T09:00:05","modified_gmt":"2021-05-18T08:00:05","slug":"banks-consume-more-energy-than-bitcoin-report","status":"publish","type":"post","link":"https:\/\/mydailybells.com.ng\/businessbells\/banks-consume-more-energy-than-bitcoin-report\/","title":{"rendered":"Banks Consume More Energy Than Bitcoin \u2013 Report"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><span style=\"color: #000000;\"><strong><span style=\"font-size: 14pt;\"><span style=\"font-size: 24pt;\">A<\/span> report by Galaxy \u2018On Bitcoin\u2019s energy consumption\u2019 has revealed that traditional banks use more energy than Bitcoin.<\/span><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">Last week, the crypto market tanked after Tesla said it was no longer going to accept bitcoin in exchange for its cars. It cited high energy usage as its reason.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">The Galaxy report estimates that the banking system uses 263.72 TWh of energy each year while bitcoin consumes about 113.89 TWh\/yr in total. Total global energy supply is greater 166,071 TWh\/yr.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">The report also estimated that the gold industry utilizes roughly 240.61 TWh\/yr.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">It said as a new form of technology, Bitcoin was not directly going to replace any legal tender.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">It added that Bitcoin consumed a substantial amount of energy as the energy consumption made it robust and secure.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">It said Bitcoin\u2019s direct energy consumption came from three sources:\u00a0 the nodes that validate and relay transactions, the pools that coordinate miners\u2019 activity across the world, and the mining machines.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">Most of bitcoin\u2019s energy consumption comes from operating mining machines, roughly 99.8 per cent, it added.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">Although the crypto market continues to tank, it is expected to rebound soon.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">CEO, Tesla, Elon Musk said in a tweet \u201cTo clarify speculation, Tesla has not sold any Bitcoin.\u201d<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">On Monday, Bitcoin was $42,413.52. It had a 24-hour trading volume of $82,519,008,685. Bitcoin was down 9.75 per cent.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; A report by Galaxy \u2018On Bitcoin\u2019s energy consumption\u2019 has revealed that traditional banks use more energy than Bitcoin. &nbsp; Last week, the crypto market tanked after Tesla said it was no longer going to accept bitcoin in exchange for its cars. It cited high energy usage as its reason. &nbsp; The Galaxy report estimates [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[8,15],"tags":[353,654],"class_list":["post-1086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-business-news","tag-banks","tag-bitcoin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banks Consume More Energy Than Bitcoin \u2013 Report &#8212; Business Bells<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mydailybells.com.ng\/businessbells\/banks-consume-more-energy-than-bitcoin-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks Consume More Energy Than Bitcoin \u2013 Report &#8212; Business Bells\" \/>\n<meta property=\"og:description\" content=\"&nbsp; A report by Galaxy \u2018On Bitcoin\u2019s energy consumption\u2019 has revealed that traditional banks use more energy than Bitcoin. &nbsp; Last week, the crypto market tanked after Tesla said it was no longer going to accept bitcoin in exchange for its cars. 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