Banking vs Crypto: asks the key questions on energy use

In recent years, there have been a few topics that have been more feverishly discussed than cryptocurrency. Many big claims have been made for these digital coins, and many critical articles have been written. On one side, there are people who believe that crypto is the future of money, on the other, people who believe that crypto has no future. And a major element of this fevered debate is the question of energy use. This has led to some curiosity among the commentators at chiefly, what is the truth about crypto and energy use?

That’s the question behind their key study Bitcoin vs Banking: The Facts about Energy Usage, which looks into the details in a way that hasn’t been done before. Looking at Bitcoin and other cryptos, places the information on these coins side-by-side with the details on energy usage by the global banking system and asks how the currency of the future matches up to the established methods of exchange from a sustainability point of view.

You may have heard some intriguing statistics about the potential environmental toll of crypto usage: that in an average year, Bitcoin mining uses more energy than the entire nation of Finland, for example. In this study, have sought to set those statistics in context, so readers can understand the reality for themselves and have a chance to update their own preconceptions, good or bad, with referenced data.

What would it mean if Bitcoin were to replace standard banking? Could the push for Net Zero mean a setback for supporters of cryptocurrency? What are the implications of Ethereum after its Merge, and could it be a threat to Bitcoin in an energy-conscious age? These questions and more are addressed by this informative report. This is a timely study that is well worth reading for anyone who feels like there are gaps in their knowledge. You can learn more by visiting their website.

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