A Galaxy Digital report has established that 20 times the amount of energy used in mining Bitcoin is wasted annually.
For a very long time, Bitcoin’s energy consumption has been used as a whip by many critics of the asset who believe that the amount of energy used in mining new units of the coin could impact the environment negatively.
This has played a major role in the decision-making processes of businesses or governments that have a hostile stance towards the space.
Bitcoin energy usage is lesser than that of the banking and gold industry
In an attempt to disprove much of the criticisms of Bitcoin’s high energy use, Galaxy Digital has released a report which states that the purported “high” energy usage of BTC is extremely low when compared to other industries like that of the banking industry and gold.
According to the report, the annual energy use of Bitcoin sits at around 113.89 terawatt-hours (TWh). At the same time, its counterpart from traditional finance (banking industry) consumes more than double the amount of the asset (263.72 TWh) annually.
Aside from the fact that the report established a comparison between Bitcoin and the banking industry, it also added the yellow metal industry, which is mostly compared to Bitcoin. In the report findings, the gold industry utilizes 240.61 TWh per year, which is also much higher than that of Bitcoin.
Continued on Source: Report: Bitcoin consumes less energy compared to banking and gold industry
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