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Banks Saying That Bitcoin Consumes a Lot of Electricity, but If You Look Closer….

Kumar Thangudu

November 20, 2017

Edit: Banking industry folks are firing shots at BTC for its electricity consumption costs. I think these people are the last people who should ever criticize bitcoin for its electricity costs.

https://www.cryptocoinsnews.com/dutch-bank-suggests-bitcoin-mining-consumes-much-electricity/

24 BN of gold takes a lot of energy/time to move.

https://amp.ft.com/content/f08e7e00-3602-36a3-ab78-be34d66cb6e7 …

Banks use a ton of paper:

https://www.americanbanker.com/news/banks-use-more-paper-despite-e-statements-popularity …

Paper takes a lot of electricity to produce, as much as steel.

Energy usage in banks isn’t particularly efficient:

https://www.eia.gov/energyexplained/index.cfm?page=us_energy_commercial

6800 physical banks in the USA are made of steel, concrete, tile etc….

The embodied energy of these substances and maintaining state are huge.

https://en.wikipedia.org/wiki/Environmental_impact_of_concrete

I’m no cryptocurrency expert, but any bank that says BTC uses too much electricity should start analyzing the mind-boggling amount of embodied energy require to build and operate banks.

I don’t write a lick of code outside of Matlab, but I did study operations research and polymer-textile-fiber engineering.

I think any bank who is using the bitcoin energy consumption as an argument against it, doesn’t understand the energy consumption of the current banking system.

Conclusion: I would go so far as to speculate that the energy costs of cooling and heating 6800 physical banks far exceeds the electrical consumption of Bitcoin with POW and smartContracts powerd by POS.

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