Does the traditional financial system consume more electricity than cryptocurrencies?

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The problem is not energy consumption, but how it is obtained. Bitcoin’s energy consumption is a clear example of seeing the speck in someone else’s eye and not the log in one’s own. According to a study conducted by the CCAF of the University of Cambridge, in 2018 28% of the energy used by miners came from renewable sources; in 2019 it was 39%; and 76% of miners used part of this type of energy within their mix. Current estimates indicate that this % of clean energy is well over 50% and could even hover around 70%.

In this opinion article from Javier Castro-Acuña  from Bitnovo claims that if the concern is the environment, Tesla is late in announcing that it will stop accepting dollars, euros or any other type of fiat money for the purchase of its vehicles, because the traditional financial system consumes much more energy than bitcoin with different central banks, coin and banknote mints, other banks with all their branches, data centers and ATMs

Minerset is heavily focused on green mining using renewable energy sources for its mining activities, check out our article on Bitcoin mining: an increasingly sustainable industry

The vast majority of Bitcoin miners around the world take renewable energy sources into account for their operations, so it could be said that Bitcoin mining is an increasingly sustainable industry. 

According to a September 2020 report from the University of Cambridge, based on companies from 59 countries, 76% of Bitcoin miners use renewable sources as part of their ‘energy mix’, and 62% use hydroelectric power for their operations.

Read full opinion article here

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