[Bitcoin mining consumes less energy than a bank]
According to research from Payless Power, the total energy consumption of traditional banks is much greater than that of Bitcoin, pointing out that Bitcoin may be a more energy-efficient option in the long run.
The total energy consumption of global banks reached 2.5885 million terawatt hours (TWh), of which bank data centers consumed the most energy, reaching 225.45 TWh. By comparison, global energy consumption for Bitcoin mining is only 1,671,400 MWh.
This research highlights that Bitcoin may have greater potential than traditional banks when it comes to energy efficiency. Bitcoin uses 35.4% less energy than the global banking system, showing that Bitcoin offers a more sustainable solution in the financial sector, helping to reduce energy consumption and carbon emissions.
Brandon Young, CEO of Payless Power, pointed out: “While many people believe that Bitcoin’s energy consumption is too high, our research reveals that Bitcoin is actually more energy efficient compared to the traditional banking system. This not only demonstrates Bitcoin’s role as a financial The sustainability of the technology also underlines its potential for global deployment.”
He added: “Bitcoin and other digital currencies can be combined with renewable energy to drive the economy in a greener, more sustainable direction. This transition is critical to combating climate change and reducing our carbon footprint. of."
