Bitcoin consumes 'more electricity than Argentina'!
According to Cambridge University Research Institutions, the power consumed in bitcoin mining is 121TWH, which consumes more power every year than Argentine. However, according to the estimation of 'Galaxy Digital', if the banking data center, bank point, ATM, and card network data center, power usage are estimated, the annual energy consumption of the banking industry is 263TWH and is doubled with a bitcoin mining estimated power.
In addition, most of the costs are the electricity tax on the bitcoin mining, and most of the ministries are using eco-friendly renewable energy to reduce costs. 76% of the actual miningers are using eco-friendly energy, and with the energy source of the mining facility (62%), coal (38%), natural gas (36%), wind power (17%), petroleum (15%) , It is said that the solar (15%), nuclear power (12%), and zither (8%) are used.
Then, I wonder what could be more sustainable and eco-friendly ways to bitcoin mining. Actual Tesla's bitcoin investment was said to be the rate of interest. The taxpayer's tax has received an environmental subsidy of $ 1.5 billion in 2020, but it was because more than 75% of the bitcoin mining was done in China, and China's electricity was the most commonly used fossil fuels. But lately Most of the Bitcoin Mining Companies had moved out of the China and Finding better opportunities in Gulf Countries and USA.
However, Alex Kruger raised suspicions earlier this year that astrams are not making charts. He pointed out that 'Tesla did not sell a bitcoin' "tweets were suspected at 61.8 FIB (42,845USD), which is the support line of the charts.
The tweets of the Elon Musk are strong enough to account for a single newspaper. Whether his intentions have been, the power consumption issue of the bitcoin has been in the previous, but rather, this is urging the utilization of renewable energy, and the controversy over these power consumption will have to see all financial systems as well as bitcoin. No Doubt How things have completely changed since Tesla's concerns about BTC energy usage and its interest into more eco-friendly Meme Coins. Whether this was a strategic move of Elon Musk to Manipulate Cryptocurrency Market, Who Knows? But definitely the Energy usage of Bitcoin Coin mining cannot be avoided so long since Whole World is moving towards sustainable growth and eco-friendly renewable energy resources.
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I have a hunch that most capital stored in Bitcoin is going to make its way to the more energy-efficient Proof of Stake blockchains where most of the digital economic activity is taking place (the transactions).