Story at a glance:

  • A new survey conducted by Galaxy Digital shows that Bitcoin mining uses half the energy of that of a normal banking system.
  • Traditional banking uses about 264 million terawatts per hour, and mining for actual gold consumes about 241 terawatts per hour.
  • Musk’s company, Tesla, is no longer accepting Bitcoin as a form of tender.

As Changing America previously reported, Elon Musk is withdrawing his support for Bitcoin due to concerns about energy consumption and pollution.

However, a new survey conducted by Galaxy Digital shows that bitcoin mining uses half the energy of that of a normal banking system.


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The annual electricity consumption of the Bitcoin network is estimated at about 114 million terawatts per hour.

Traditional banking uses about 264 million terawatts per hour, and mining for actual gold consumes about 241 terawatts per hour.

Musk’s company, Tesla, is no longer accepting Bitcoin as a form of tender.

Bitcoin is still the world's biggest cryptocurrency, but Musk's surprising tweet did hurt the reputation of the digital currency that is based on internet trends and social media movements, Market Insider reported.

Bitcoin itself has seen a sharp decline since the billionaire disavowed it and jumped on the Dogecoin bandwagon — Bitcoin’s Shiba Inu dog meme counterpart that is worth more than $50 billion.

As of May 18, 1 bitcoin has the value of about $43,000, whereas on April 16, the value of a single digital coin was more than $60,000, according to data collected from YCharts.


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Published on May 18, 2021