Banks Expend More Energy Than BTC

Hard as it may be for you to believe banks are lying! Banks collectively expend more energy than the BTC network both in the past and at present. The same goes for the gold-mining companies. Consider this: the annual power consumption for BTC mining is 113.89 TWh. This includes the energy used by miners, pools, and nodes. Energy consumption here can be transparently tracked in real-time with a special tool. But when it comes to banks and gold mining, it is hard to establish precise indicators.

Financial institutions never reveal any information on electricity consumption. To estimate these numbers, retail and commercial banks will have to do advanced computations and multi-layered calculations. Annual electricity consumption by data centers, banks and their branches, automated teller machines, and card data processing systems is estimated to be around 263.72 TWh.

The basis of the calculation of the energy consumption in the gold mining industry is the data from the authority on Gold. It turns out that gold mining expends about 240.61 TWh every year. What is more, this figure doesn’t include greenhouse gas emissions when using non-ecological tires. Tires with high rolling resistance increase fuel consumption and carbon footprint.

Experts decided to conduct such a study against the background of the recent BTC collapse. This is partly due to Elon Musk’s tweets saying Tesla has suspended the BTC payment for its services, citing its adverse effects on the environment as the reason.