Research: Bitcoin Consumes Less Than Half The Energy Of The Banking Or Gold Industries

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How can you compare ENERGY without comparing armored trucks, employees, employee energy going to from work, etc. There’s much more to energy than face value electric costs.

FOR THE ENVIRONMENTALISTS

*(that only real the comments)*….

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Galaxy Digital also showed that a significant part of the world’s energy production is wasted — about 2,205 TWh per year which is 19.4 times that of the Bitcoin network.

“Though the revenue associated with mining varies, miners have the luxury of flexibility, with the option to switch their equipment on or off at any time,” according to the report. “This makes Bitcoin mining the ideal energy sink: anyone, anywhere, can monetize excess energy by plugging in equipment and switching it off at their convenience. One example of where Bitcoin mining acts as an energy sink is in oil fields, resulting in a direct reduction in methane emissions.”

According to the report, oil fields currently generate about 40 percent of the world’s energy. However, they also frequently produce methane as a byproduct, whose greenhouse effects are 25 times as environmentally damaging as those of an equivalent quantity of carbon dioxide.

“Bitcoin mining offers a solution,” the report suggested. “Companies like Great American Mining, Upstream Data, and Crusoe Energy Systems are building infrastructure to capture this methane at the wellhead and use the otherwise-wasted gas to mine bitcoin. This means that oil producers can ensure a 24x reduction in emissions compared to venting that methane into the atmosphere.”

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