Source: Wall Street
Author: Han Xuyang
Niuniu knocks on the blackboard:
According to Galaxy Digital, Bitcoin uses 113.89 terawatt hours of electricity a year, less than half the total energy consumed by traditional banking systems (about 263.72 terawatt hours).
According to the latest report from Galaxy data, Bitcoin consumes much less energy than traditional banking systems and the gold industry.
In the storm caused by Tesla CEO Musk over the past few days, the discussion about the energy use of cryptocurrency has been very heated.
However, Galaxy data, founded by former hedge fund manager Michael Novogratz, has used data to prove that traditional banking systems and the gold industry actually consume more energy than bitcoin networks.
According to the report compiled by Galaxy's digital mining department, Bitcoin consumes 113.89 terawatt hours of electricity a year, including mining machine demand, machine power consumption, pool power consumption and node power consumption. This is less than half of the total energy consumed by the banking system each year (about 263.72 TWh).
Galaxy Digital said that Bitcoin's energy consumption is easy to track in real time using tools such as the Cambridge Bitcoin Power consumption Index and is relatively transparent. The assessment of energy consumption in traditional financial and gold industries is not that simple.
So is the power consumption of Bitcoin networks an acceptable energy use? The answer given by Galaxy data is yes.
At the same time, they also believe that energy use is not necessarily a bad thing. As the American writer Vaclav Smil once said, energy is the only universal currency. Human beings need more energy to discover new technologies and challenge the status quo. Bitcoin is a good example.
Anyone can use Bitcoin and hold Bitcoin. Bitcoin transactions can provide final settlement results 24 hours a day, 365 days a year, and any hour.
The flexible trading attribute of Bitcoin can benefit the energy sector by facilitating people around the world who do not have a stable financial infrastructure and providing perfect solutions for intermittent unstable or excess energy. And once the bitcoin network is adopted, it will only expand further.
This morning, the ARK platform also expressed support for bitcoin:
In our view, the concern about Bitcoin's energy consumption is wrong. Contrary to popular belief, we believe that the bitcoin mining industry may have a positive impact on the environment. Through the actual data, we show how the mining industry converts intermittent power resources into basic load power generation by means of energy storage, thus affecting the amount of renewable energy supplied to the grid. Without Bitcoin mining, renewable energy can meet only 40 per cent of the grid's demand, but 99 per cent if there are commercial "subsidies" related to the bitcoin mining industry.
Edit / irisz