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Classic is Coming is an independent resource that provides up-to-date information primarily on Ethereum Classic, Bitcoin, and LN blockchain technology.
Classic is Coming stated, Proof of Work (PoW) Blockchains like Bitcoin and Ethereum Classic have and never will have anything to do with Global Warming.
Mining incentivizes, exploration of new renewable energy sources and creation of more efficient hardware are happening. Indeed banking is using more energy.
Ethereum Classic Agreed to the statement made by Classic is Coming and stated, Proof of Work (PoW) is not only objectively more secure than PoS, but mining reportedly uses a tiny fraction of what the banking and FinTech industry portrays.
These statements are becoming viral after a new study revealed that traditional banking systems are consuming more energy when compared to the Bitcoin Network.
The recent estimates have to state that the global energy consumption of the banking system is 238.92 TWh per year.
The majority of Bitcoin’s energy consumption happens during the mining process. Therefore, the sooner the coins are issued, the energy needed to validate transactions is minimal.
The Galaxy Digital Study, in their white paper, points to the details of Bitcoin’s energy usage. About 19x more energy is lost in transmission than what Bitcoin miners consume.
Those who want to know exhaustive details should check: On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Question.
The paper pointed to how with basic assumptions:
“It is straightforward to estimate Bitcoin’s energy consumption in real-time.
Bitcoin is most often compared to the traditional banking system (for payments, savings, and settlement) and gold (as a non-sovereign store of value). But, Bitcoin is fundamentally a novel technology that is not a precise substitute for anyone’s legacy system. For example, Bitcoin is not solely a settlement layer, not solely a store of value, and not solely a medium of exchange. Moreover, unlike Bitcoin, the energy footprints of these industries are opaque.
To have an honest conversation about Bitcoin’s energy use, a comparison to the most analogous incumbents – the gold industry and the banking system is appropriate. However, gauging the energy efficiency of these two industries is not easy as auditing Bitcoin.”
When someone tried to comment on the White paper: The banking system facilitates substantially all economic transactions. Bitcoin just facilitates Ransomware payments and speculation.
A prudent onlooker replied, stating: So, good. And, did you consider that gold mining and bank electricity has government subsides? So part of their real cost of existence is paid by all inhabitants with inflation.
Others felt the paper is exciting and not biased in any way.
