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Banking uses 56 times more energy than Bitcoin: Valuechain report

06/16/2022

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2022.06.16 18:20

Banking uses 56 times more energy than Bitcoin: Valuechain report

Fresh figures on Bitcoin’s (BTC) energy consumption, efficiency and scalability serve to expose the banking sector while bathing the world’s largest cryptocurrency in a new light.

A research report published by Michel Khazzaka, an IT engineer, cryptographer and consultant, calculates that Bitcoin payments are a “million times more efficient” than the legacy financial system. Plus, the banking sector “uses 56 times more energy than Bitcoin.”

Graph to show total count of mining units over time over 160 months. Source: Khazzaka report

06/16/2022

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