Galaxy Digital: “Banks spend twice as much electricity, than bitcoin " – Bits Media

According to Galaxy Digital researchers, the traditional banking system and the gold mining industry each separately consume twice as much electricity, than the bitcoin network.

Galaxy Digital mining units, belonging Michael Novograz (Michael Novogratz), Published
Report "On Energy Consumption by Bitcoin Miners: quantitative approach to the subjective issue ". According to their estimates, Annual electricity consumption for bitcoin mining is 113.89 Evenings *. This includes energy, consumed by miners, bullets and knots. Electricity consumption during bitcoin mining can be transparently tracking in real time using the Cambridge electricity consumption index of bitcoin (CBECI).

As for the traditional financial system and gold mining, It is difficult to calculate the exact indicators here. The banking industry does not report data on electricity consumption. Besides, To calculate this indicator, Retail and commercial banks will need to conduct multi -level and multilateral calculations. According to Galaxy Digital, annual electricity consumption by banking data processing centers, Banks, ATMs and processing systems of card data are evaluated in 263.72 Evenings *.

To calculate energy consumption in the gold mining industry, Galaxy Digital unit used data, submitted in the World Council for Gold called Gold and Climate Change: Current and future impact ". It turned out, that when gold mining is consumed about 240.61 TBT*h per year. Moreover, this indicator may not take into account the intensity of the release of carbon dioxide into the atmosphere when using non -ecological tires on vehicles, used on gold mines. High rolling tires increase fuel costs and carbon trace.  

Galaxy Digital experts decided to conduct such an analysis against the background of a large collapse of the bitcoin course. This is partly due to the statements of the general director of Tesla and SpaceX Ilon Mask to terminate the BTC reception as a payment for the purchase of electric vehicles due to the poor influence of bitcoin on the ecology.

Previously, Musk wrote on Twitter: "Cryptocurrency – This is a good idea, She has a promising future, But this cannot do the environment so expensive ". The cryptocurrency community criticized the mask for such words, Having advised SpaceX to switch to more stable energy sources, To "not look like a hypocrite".

Recall, that Galaxy Digital has launched financial services for miners and began to engage in mining from the beginning of this year.