{"id":389066,"date":"2019-07-08T12:26:22","date_gmt":"2019-07-08T12:26:22","guid":{"rendered":"https:\/\/ktsl888.com\/?p=389066"},"modified":"2024-06-11T13:45:10","modified_gmt":"2024-06-11T13:45:10","slug":"banks-consume-133-more-power-than-bitcoin-clean-energy-scholar","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/banks-consume-133-more-power-than-bitcoin-clean-energy-scholar\/","title":{"rendered":"Banks Consume 133% More Power than Bitcoin: Clean Energy Scholar"},"content":{"rendered":"<p>There are a lot of loopholes in the conversation around bitcoin and its annual energy consumption rate, says a clean energy specialist.<\/p>\n<p>Professor Katrina Kelly-Pitou of the University of Pittsburgh\u00a0<a href=\"https:\/\/ponderwall.com\/index.php\/2018\/08\/25\/stop-worrying-much-energy-bitcoin-uses\/\" rel=\"nofollow\">wrote<\/a>\u00a0that researchers overestimate their findings of the cryptocurrency&#8217;s higher power consumption rates. Stating that banks annually consume more energy than bitcoin, its so-called alternative, one should not worry much about the cryptocurrency&#8217;s energy-intensive features. Excerpts:<\/p>\n<blockquote><p>&#8220;Bitcoin mining uses an excessive amount of power: somewhere between <a href=\"https:\/\/www.theguardian.com\/technology\/2017\/nov\/27\/bitcoin-mining-consumes-electricity-ireland\" rel=\"nofollow\">an estimated 30 terawatts hours<\/a> in 2017 alone [&#8230;] Indeed, this is a lot, but not excessive. Banking consumes an estimated 100 terawatts of power annually. If bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.&#8221;<\/p><\/blockquote>\n<h2>Wrong Discussion<\/h2>\n<p>In retrospective, minting new bitcoin tokens requires the solving of a programmable\u00a0puzzle using energy-intensive computer hardware. Miners that can provide more power have a better probability of solving the code. All they need is a state-of-the-art computer and access to unlimited electricity.<\/p>\n<p>Bitcoin&#8217;s underlying algorithm receives\u00a0criticism for promoting power wastage and increasing the earth&#8217;s carbon footprint. A Forbes article <a href=\"https:\/\/www.forbes.com\/sites\/francescoppola\/2018\/05\/30\/bitcoins-need-for-electricity-is-its-achilles-heel\/#2207d0cc2fb1\" rel=\"nofollow\">published<\/a> in May last year stated that the cryptocurrency increased the global energy consumption rate by 2 percent.<\/p>\n<figure id=\"attachment_389085\" aria-describedby=\"caption-attachment-389085\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/07\/bitcoin-mining-energy.jpg\" target=\"_blank\" rel=\"noopener noreferrer \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-389085 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/07\/bitcoin-mining-energy.jpg?resize=860%2C395\" alt=\"bitcoin, bitcoin mining\" width=\"860\" height=\"395\"><\/a><figcaption id=\"caption-attachment-389085\" class=\"wp-caption-text\">Bitcoin Energy Consumption Index | Source: BitcoinEnergyConsumption.com<\/figcaption><\/figure>\n<p>Professor Kelly-Pitou believes that conversation around <a href=\"https:\/\/ktsl888.com\/2019\/04\/09\/china-bitcoin-mining-ban-crypto\/\">bitcoin mining<\/a> is heading in the wrong direction. Instead of discussing how much the cryptocurrency consumes every year, researchers should talk about meeting bitcoin&#8217;s requirements using renewable methods. The researcher compared fossil-based mining farms in China with a 100% renewable energy-based fields in Ireland, stating that the source of electricity played an essential role in determining whether bitcoin mining is good or bad.<\/p>\n<blockquote><p>&#8220;Rather than discussing the energy consumption of bitcoin generally, people should be discussing the carbon production of bitcoin, and understanding whether certain mining towns are adding to an already large environmental burden,&#8221; \u2013 she wrote.<\/p><\/blockquote>\n<h2>Bitcoin Miners are Clean Energy Lovers<\/h2>\n<p>A miner is also a businessman whose profit margin increases if his input costs go down. Professor Kelly-Pitou stated that many of these businessmen are already shifting their bases to areas that offer clean, cheaper energy. It is up to the government and energy companies to innovate their energy supplies using green solutions. The miners, in the end, would pick a town that has it.<\/p>\n<blockquote><p>&#8220;Increasing energy consumption is bad only if we aren\u2019t shifting toward less carbon-dense power production,&#8221; \u00a0she added. &#8220;So perhaps people should quit criticizing bitcoin for its energy intensity and start criticizing states and nations for still providing new industries with dirty power supplies instead.&#8221;<\/p><\/blockquote>\n<p>https:\/\/twitter.com\/crypto_reddit\/status\/66071810<\/p>\n<p>The <a href=\"https:\/\/cbeci.org\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Cambridge Bitcoin Electricity Consumption Index<\/a> reflects the cryptocurrency consuming 6.98 gigawatts at this time of writing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are a lot of loopholes in the conversation around bitcoin and its annual energy consumption rate, says a clean energy specialist. Professor Katrina Kelly-Pitou of the University of Pittsburgh\u00a0wrote\u00a0that researchers overestimate their findings of the cryptocurrency&#8217;s higher power consumption rates. Stating that banks annually consume more energy than bitcoin, its so-called alternative, one should not worry much about the cryptocurrency&#8217;s energy-intensive features. Excerpts: &#8220;Bitcoin mining uses an excessive amount of power: somewhere between an estimated 30 terawatts hours in 2017 alone [&#8230;] Indeed, this is a lot, but not excessive. Banking consumes an estimated 100 terawatts of power annually. If bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.&#8221; Wrong Discussion In retrospective, minting new bitcoin tokens requires the solving of a programmable\u00a0puzzle using energy-intensive computer hardware. Miners that can provide more power have a better probability of solving the code. All they need is a state-of-the-art computer and access to unlimited electricity. Bitcoin&#8217;s underlying algorithm receives\u00a0criticism for promoting power wastage and increasing the earth&#8217;s carbon footprint. A Forbes article published in May last year stated that the cryptocurrency increased the global energy consumption rate by 2 percent. Professor Kelly-Pitou believes that conversation around bitcoin mining is heading in the wrong direction. Instead of discussing how much the cryptocurrency consumes every year, researchers should talk about meeting bitcoin&#8217;s requirements using renewable methods. The researcher compared fossil-based mining farms in China with a 100% renewable energy-based fields in Ireland, stating that the source of electricity played an essential role in determining whether bitcoin mining is good or bad. &#8220;Rather than discussing the energy consumption of bitcoin generally, people should be discussing the carbon production of bitcoin, and understanding whether certain mining towns are adding to an already large environmental burden,&#8221; \u2013 she wrote. Bitcoin Miners are Clean Energy Lovers A miner is also a businessman whose profit margin increases if his input costs go down. Professor Kelly-Pitou stated that many of these businessmen are already shifting their bases to areas that offer clean, cheaper energy. It is up to the government and energy companies to innovate their energy supplies using green solutions. The miners, in the end, would pick a town that has it. &#8220;Increasing energy consumption is bad only if we aren\u2019t shifting toward less carbon-dense power production,&#8221; \u00a0she added. &#8220;So perhaps people should quit criticizing bitcoin for its energy intensity and start criticizing states and nations for still providing new industries with dirty power supplies instead.&#8221; https:\/\/twitter.com\/crypto_reddit\/status\/66071810 The Cambridge Bitcoin Electricity Consumption Index reflects the cryptocurrency consuming 6.98 gigawatts at this time of writing.<\/p>\n","protected":false},"author":496,"featured_media":389088,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,640],"class_list":["post-389066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mining"],"acf":[],"yoast_head":"\n<title>Banks Consume 133% More Power than Bitcoin: Clean Energy Scholar |<\/title>\n<meta name=\"description\" content=\"There are a lot of loopholes in the conversation around bitcoin and its annual energy consumption rate, says a clean energy specialist. 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