Skip to main content
×
Blacklisted Listed News Logo
Menu - Navigation
Menu - Navigation

Cited Sources

2nd Smartest Guy in the World
2nd Amendment Shirts
10th Amendment Center
Aaron Mate
Activist Post
AIER
Aletho News
Ammo.com
AmmoLand
Alliance for Natural Health, The
Alt-Market
American Free Press
Antiwar
Armstrong Economics
Art of Liberty
AUTOMATIC EARTH, The
Ben Bartee
Benny Wills
Big League Politics
Black Vault, The
BOMBTHROWER
Brandon Turbeville
Breaking Defense
Breitbart
Brownstone Institute
Burning Platform, The
Business Insider
Business Week
Caitlin Johnstone
Campus Reform
CAPITALIST EXPLOITS
Charles Hugh Smith
Children's Health Defense
CHRISTOPHE BARRAUD
Chris Wick
CIAgate
Citizen Free Press
Citizens for Legit Gov.
CNN Money
Collective Evolution
Common Dreams
Conscious Resistance Network
Corbett Report
Counter Signal, The
Cryptogon
Cryptome
Daily Bell, The
Daily Reckoning, The
Daily Veracity
DANERIC'S ELLIOTT WAVES
Dark Journalist
David Haggith
Defense Industry Daily
Defense Link
Defense One
Dennis Broe
DOLLAR COLLAPSE
DR. HOUSING BUBBLE
Dr. Robert Malone
Drs. Wolfson
Drudge Report
Economic Collapse, The
ECONOMIC POPULIST, The
Electronic Frontier Foundation
Ellen Brown
Emerald Robinson
Expose, The
F. William Engdahl
FAIR
Farm Wars
Faux Capitalist
FINANCIAL REVOLUTIONIST
Forbes
Foreign Policy Journal
FOREXLIVE
Foundation For Economic Freedom
Free Thought Project, The
From Behind Enemy Lines
From The Trenches
FUNDIST
Future of Freedom Foundation
Futurism
GAINS PAINS & CAPITAL
GEFIRA
Geopolitical Monitor
Glenn Greenwald
Global Research
Global Security
GM RESEARCH
GOLD CORE
Grayzone, The
Great Game India
Guadalajara Geopolitics
Helen Caldicott
Homeland Sec. Newswire
Human Events
I bank Coin
IEEE
IMPLODE-EXPLODE
Information Clearing House
Information Liberation
Infowars
Insider Paper
Intel News
Intercept, The
Jane's
Jay's Analysis
Jeff Rense
John Adams
John Pilger
John W. Whitehead
Jonathan Cook
Jon Rappoport
Jordan Schachtel
Just The News
Kevin Barret
Kitco
Last American Vagabond, The
Lew Rockwell
Le·gal In·sur·rec·tion
Libertarian Institute, The
Libertas Bella
LIBERTY BLITZKRIEG
LIBERTY Forcast
Liberty Unyielding
Market Oracle
Market Watch
Maryanne Demasi
Matt Taibbi
Medical Express
Media Monarchy
Mercola
Michael Snyder
Michael Tracey
Middle East Monitor
Mike "Mish" Shedlock
Military Info Tech
Mind Unleashed, The
Mint Press
MISES INSTITUTE
Mises Wire
MISH TALK
Money News
Moon of Alabama
Motherboard
My Budget 360
Naked Capitalism
Natural News
New American, The
New Eastern Outlook
News Deck
New World Next Week
Nicholas Creed
OF TWO MINDS
Off-Guardian
Oil Price
OPEN THE BOOKS
Organic Prepper, The
PANDEMIC: WAR ROOM
PETER SCHIFF
Phantom Report
Pierre Kory
Political Vigilante
Public Intelligence
Rair
Reclaim The Net
Revolver
Richard Dolan
Right Turn News
Rokfin
RTT News
Rutherford Institute
SAFEHAVEN
SAKER, The
Shadow Stats
SGT Report
Shadowproof
Slay News
Slog, The
SLOPE OF HOPE
Solari
South Front
Sovereign Man
Spacewar
spiked
SPOTGAMMA
Steve Kirsch
Steve Quayle
Strange Sounds
Strike The Root
Summit News
Survival Podcast, The
Tech Dirt
Technocracy News
Techno Fog
Terry Wahls, M.D.
TF METALS REPORT
THEMIS TRADING
Tom Renz
True Activist
unlimited hangout
UNREDACTED
Unreported Truths
Unz Review, The
VALUE WALK
Vigilant Citizen
Voltaire
Waking Times
Wall Street Journal
Wallstreet on Parade
Wayne Madsen
What Really Happened
Whitney Webb
winter oak
Wolf Street
Zero Hedge

Bitcoin Energy Use Is Far Lower Than Banking System & Gold Industry, Report

Published: May 17, 2021 | Print Friendly and PDF
  Gab
Share

Source: ZeroHedge

Amid all the contention of the last few days, sparked by Elon Musk's virtue-signaling, the noise-to-signal ratio around the crypto market's energy use has gone to '11' on the Spinal Tap amplifier of social justice.

However, those darn 'facts' and 'science' keep getting in the way of the 'bitcoin = bad guy destroying the earth' narrative and new research by crypto firm Galaxy Digital (founded by former hedge fund manager Michael Novogratz) has shown that both the traditional banking system and the gold industry consume much more energy than the bitcoin network.

According to the report, compiled by Galaxy’s mining arm, bitcoin’s annual electricity consumption stands at 113.89 TWh (terawatt-hours). That includes energy for miner demand, miner power consumption, pool power consumption, and node power consumption. The amount is at least two times lower than the total energy consumed by the banking system, which is estimated to reach 263.72 TWh per year globally. 

Galaxy Digital Mining said that bitcoin’s energy consumption is transparent and easy to track in real time using tools like the Cambridge Bitcoin Electricity Consumption Index, while the evaluation of energy usage of the traditional financial system and the gold industry is not that straightforward.

As Galaxy Digital notes, energy utilization is not necessarily a bad thing. As Vaclav Smil writes, energy is the only universal currency. Humans will continue to find new technologies that require more energy that challenge the status quo. Bitcoin is yet another example.

So, in their view, returning to the defining question of our time (this week): Is the Bitcoin network's electricity consumption an acceptable use of energy?

Galaxy's answer is definitive: yes.

As they conclude, subjective views on the Bitcoin network's importance vary, but Bitcoin's properties do not. Anyone can use Bitcoin. Anyone can hold bitcoins for themselves. And Bitcoin transactions can provide probabilistically final settlement in an hour, 24 hours a day, 365 days per year.

These features can offer financial freedom to people around the world without the luxury of stable and accessible financial infrastructure. The network can benefit the energy sector by creating perfect use cases for intermittent and excess energy. And the network will only scale further if network adoption warrants it.

Notably this morning, ARK weighed in on the Elon drama, and as Bloomberg's Eric Balchunas notes, ARK comes down firmly for 'Team Bitcoin'...

So, the question now is, how long before Elon Musk abandons the energy-sapping traditional banking-system for Tesla payments?

*  *  *

Read the full report below:

TOP TRENDING ARTICLES


PLEASE DISABLE AD BLOCKER TO VIEW DISQUS COMMENTS

Ad Blocking software disables some of the functionality of our website, including our comments section for some browsers.


Trending Now



BlackListed News 2006-2023
Privacy Policy
Terms of Service