Comparing the energy consumption of Bitcoin to the entire global banking industry.
Bitcoin:
- Annual Energy Consumption: Bitcoin mining consumes approximately 121 terawatt-hours (TWh) per year (estimate as of 2023).
- Primary Drivers: This includes the energy used by mining hardware and data centers that process Bitcoin transactions globally.
Global Banking Industry:
- Annual Energy Consumption: The global banking industry is estimated to consume around 700 TWh per year.
- Primary Drivers: This encompasses the energy used by thousands of banks, financial institutions, data centers, office buildings, ATMs, and payment processing networks worldwide.
Comparison:
- Bitcoin: 121 TWh/year
- Global Banking: 700 TWh/year
Summary:
The global banking industry's energy consumption is significantly higher than that of Bitcoin, with the banking industry using about 5 to 6 times more energy annually. This estimate highlights the broader infrastructure and operational needs of traditional banking compared to Bitcoin's decentralized network.
Farley
npub1far…670r
2024-05-18 01:02:00
Author Public Key
npub1farleyjgt90e2sr8nlneuwg7vcx0yjq3uc3ksya7902eteulzfkqyx670rPublished at
2024-05-18 01:02:00Event JSON
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"tags": [],
"content": "Comparing the energy consumption of Bitcoin to the entire global banking industry.\n\n Bitcoin:\n- Annual Energy Consumption: Bitcoin mining consumes approximately 121 terawatt-hours (TWh) per year (estimate as of 2023).\n- Primary Drivers: This includes the energy used by mining hardware and data centers that process Bitcoin transactions globally.\n\n Global Banking Industry:\n- Annual Energy Consumption: The global banking industry is estimated to consume around 700 TWh per year.\n- Primary Drivers: This encompasses the energy used by thousands of banks, financial institutions, data centers, office buildings, ATMs, and payment processing networks worldwide.\n\n Comparison:\n- Bitcoin: 121 TWh/year\n- Global Banking: 700 TWh/year\n\n Summary:\nThe global banking industry's energy consumption is significantly higher than that of Bitcoin, with the banking industry using about 5 to 6 times more energy annually. This estimate highlights the broader infrastructure and operational needs of traditional banking compared to Bitcoin's decentralized network.",
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}