A recent study has calculated that global Bitcoin mining is consuming less energy than banks consume.
The research was conducted by Payless Power, a retail energy provider serving the state of Texas, and analyzed the energy consumption of both Bitcoin mining and the traditional banking system.
According to Payless Power’s calculations, the Bitcoin network consumes about 167 TWh of energy per year, while the global banking system consumes more than 258 TWh.
In other words, according to this research Bitcoin would consume 35% less than traditional banks.
Bitcoin vs. banks: mining requires less energy
In light of these estimates, it would seem that traditional banks are currently overall more harmful to the environment than Bitcoin.
Furthermore, the research by Payless Power also states that Bitcoin could be even more energy efficient in the long run.
The total energy consumption of all banks worldwide would amount to 258.85 terawatt hours (TWh), according to estima
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