Recently, there is a lot of discussion on whether Bitcoin consumes a significant amount of energy. According to a researcher by the name of Katrina Kelly-Pitou, the electricity consumption by the banks is twice that of Bitcoin. This clearly indicates that Bitcoin is not consuming a significant amount of electricity.
According to the researcher at the University of Pittsburgh, most of the experts who are debating the electricity consumption by Bitcoin are failing to understand the renewable energy revolution. Most of the Bitcoin mining operations use renewable energy. This is because the cost of renewable energy is actually on the lower side. That is why, even if Bitcoin is using a significant amount of electricity, it uses renewable forms of energy. The renewable form of energy ensures that there is no effect on the planet when it comes to the energy used by Bitcoin.
On the other hand, banks consume an estimated amount of 100 terawatts of energy annually. This clearly indicates that the amount of energy which is consumed by Bitcoin is actually on the lower side as compared to banks. Also, even if the Bitcoin market size increases by 100 times, it still it will only result in 2% of the total energy consumption. This will ensure that there is no problem with the energy consumption of Bitcoin.
With the help of this research, one thing which is very clear is that the energy consumed by Bitcoin does not create a dent in the overall energy market. That is why the arguments that Bitcoin consumes a lot of energy are entirely false. This means that the Bitcoin development will not impact the electricity market. At the same point in time, the increase in the size of the Bitcoin market will not result in increased electricity prices. This will ensure that the Bitcoin development can actually take place along with the normal progress in the other industries without increasing the electricity cost.
This hopefully will end the debate of energy consumption of Bitcoin once and for all. At the same point in time, this will not hold the development of the Bitcoin as well as the blockchain industry. This will mean that more and more applications in the future can be built in this industry without having to worry about the electricity consumption. This will ensure that blockchain technology actually becomes mainstream rather than being a niche technology that it currently is.
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