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- Anthony “Pomp” Pompliano, Bitcoin influencer and podcaster on “Squawk Box” morning show, while talking about Bitcoin’s energy consumption, said crucial things in the world use energy, and there is nothing to apologize for it.
- As per the new research from Trading Platforms, Bitcoin’s energy consumption is higher than the energy used by Google and Facebook combined.
- The Cambridge Bitcoin Electricity Consumption Index shows that the BTC energy consumption is almost equal to the amount consumed by whole countries like Chile and the Philippines, i.e.125.04 terawatts per hour annually.
On Dec 27, Anthony “Pomp” Pompliano, Bitcoin podcaster and influencer, made an appearance on CNBC’s morning news and talk program, “Squawk Box,” hosted by Joe Kernen.
Pompliano says there is no absolute need to “apologize” for Bitcoin’s energy consumption as “crucial things in the world use energy.”
According to him, in the “climate argument” against Bitcoin (BTC) ecosystem, people are missing “key points,” especially while comparing it with fiat currencies like the U.S dollar.
“There is a linear relationship between energy consumption and the dollar system, to support more users and more transactions, we need to consume more energy, more data centers, more bank branches, more ATMs.”
Adding, Pompliano said, “Bitcoin blockchain does not have this same linear relationship with energy consumption, that is because regardless of the number of transactions per block, there is the same energy consumed by each block. As Bitcoin scales, it will become more efficient because you will be able to add more economic value to each of these blocks.”
BTC’s Huge Energy Consumption: 8x the combined energy of Google and Facebook
According to new research from Trading Platforms, released the exact day on which Pompliano’s interview went on air, the energy consumption of the Bitcoin (BTC) ecosystem is eight times the combined energy of both Google and Facebook.
Google uses only a twelfth of BTC’s energy consumption, i.e., 12 TWh. Similarly, Facebook uses only 3.5% or 5TWh of what the crypto king, Bitcoin, does.
As per the reports, “fears lie in the amount of electricity that such a small sector consumes.”
The BTC ecosystem consumes BTC ecosystem 125.04 terawatts per hour annually, which is almost the amount of energy consumption by a small country like Chile or the Philippines, according to the Cambridge Bitcoin Electricity Consumption Index.
It also overshadows the energy needs of countries like Norway and Switzerland. These countries have an energy consumption of 124 TWh and 56 TWh, respectively. These figures are 19 and 86 TWh less than BTC’s energy consumption.
Moreover, as per the prediction of the New York Digital Investment Group, BTC mining will be representing 0.9% of the global carbon emissions by 2030.
It’s not for the first time that BTC’s energy consumption is under controversy, and it will not be resolved either soon.
Pompliano, despite his busy schedule, also gave an interview to a three-year-old Lily Knight on “The Lily Show.” about BTC on Dec 29 and seemed quite happy about it.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
