Why the bank uses at least 56 times more energy than Bitcoin
"Bitcoin uses 0.05% of the world's energy consumption. Banking uses 56 times more energy than Bitcoin" , cybersecurity engineer and cryptographer Michel Khazzaka told Cointelegraph.
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The next time Bitcoin (BTC) comes under fire for its energy consumption, remember this statistic. The banking sector uses at least 56 times more energy. So says cryptographer and founder of Valuechain, Michel Khazzaka:
"I'm not saying it uses less or the same, just know that it uses 56 times more than Bitcoin."
The statistic, first shared by Michel Khazzaka this summer, caused a stir in the Bitcoin community and the wider crypto community. He published his estimates in a report on Valuechain, a company he founded to investigate the world of crypto payments.
In an exclusive interview with Cointelegraph Crypto Story, Khazzaka tells viewers about the extensive research that led to some striking findings. In short, Bitcoin may not be as bad for the environment as the mainstream media suggests.
[embedded content]Khazzaka, who describes Bitcoin as "money with a memory", sought to refute the claim that Bitcoin is worse for the environment than fiat currency. He spent four years working hard, compiling data and crunching numbers. He developed a model, or estimate, to understand how much energy the banking sector consumes.
Speaking from his home in Paris, Khazzaka told Cointelegraph that he looked at travel times, data centers, servers and even ATMs for the calculations. He did not, however, take into account the energy invested in “banks, buildings or ATMs; fabricate bring the metal etc. Let's compare the operations. Khazzaka admits that this oversight is intentional:
"That's why all my numbers are understated for banking and extremely accurate for Bitcoin."
"Bitcoin uses 0.05% of the world's energy consumption. Banking uses 56 times more energy than Bitcoin" , cybersecurity engineer and cryptographer Michel Khazzaka told Cointelegraph.
Video
The next time Bitcoin (BTC) comes under fire for its energy consumption, remember this statistic. The banking sector uses at least 56 times more energy. So says cryptographer and founder of Valuechain, Michel Khazzaka:
"I'm not saying it uses less or the same, just know that it uses 56 times more than Bitcoin."
The statistic, first shared by Michel Khazzaka this summer, caused a stir in the Bitcoin community and the wider crypto community. He published his estimates in a report on Valuechain, a company he founded to investigate the world of crypto payments.
In an exclusive interview with Cointelegraph Crypto Story, Khazzaka tells viewers about the extensive research that led to some striking findings. In short, Bitcoin may not be as bad for the environment as the mainstream media suggests.
[embedded content]Khazzaka, who describes Bitcoin as "money with a memory", sought to refute the claim that Bitcoin is worse for the environment than fiat currency. He spent four years working hard, compiling data and crunching numbers. He developed a model, or estimate, to understand how much energy the banking sector consumes.
Speaking from his home in Paris, Khazzaka told Cointelegraph that he looked at travel times, data centers, servers and even ATMs for the calculations. He did not, however, take into account the energy invested in “banks, buildings or ATMs; fabricate bring the metal etc. Let's compare the operations. Khazzaka admits that this oversight is intentional:
"That's why all my numbers are understated for banking and extremely accurate for Bitcoin."
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