The ongoing debate over Bitcoin’s energy use has been rekindled, with Ethereum founding member Anthony Donofrio claiming that Bitcoin is using “far too much” energy.
According to figures from Digiconomist, Bitcoin (BTC) now uses 0.82% of the world’s power while Ethereum (ETH) uses 0.34%. Ethereum researcher Justin Drake published the numbers to his 56,000 followers as Donofrio retweetedstating:
If bitcoin actually uses almost 1% of the energy on earth, it’s way too much for pets. https://t.co/CDL32jk5FF
– Texture, PhD (@iamtexture) June 9, 2022
Ethereum spokesmen are trying to take a shot at Bitcoin at the same time as contributing to Ethereum’s forthcoming transition to proof of ownership, Drake added. quack moments later it said: “Ethereum after unification: 0.000% of the world.
However, the validity of the figures is in doubt.
Even Drake was forced to acknowledge other data sources in a later tweet that estimated energy consumption nearly 60% lower.
Data obtained from Digiconomist, which markets itself as a platform that “exposes the unintended consequences of digital development,” has previously drawn criticism from professionals in the blockchain industry. The most notable is the fellow Ethereum developer Josh Stark who called out the release for presenting often the worst cases when it comes to blockchain technology.
In November last year, Stark published Twitter thread who questioned the accuracy of Digiconimist’s research methodology. Stark pointed out that almost all figures on blockchain energy consumption were at the “very high end” of any theoretical conclusion, especially compared to stricter sources such as the University of Cambridge.
As Digiconomist claims that Bitcoin currently consumes 204 terawatt hours (TWh) worth of electricity per year, the Bitcoin University of Cambridge’s electricity consumption index estimates that Bitcoin’s actual use is much closer to 125 TWh, a 39% difference.
Connected: Are we crazy about the environmental impact of Bitcoin mining? Slush Pool CMO Kristian Csepcsar explains.
While it may be a well-known fact that Bitcoin’s proof of work is an energy-intensive process, the debate over how much power the Bitcoin network actually uses is a hot topic.
According to a report from the Cointelegraph, it can be rather difficult to put a certain number on the actual energy consumption of Bitcoin due to the variability in energy sources that drive Bitcoin mining globally.
As of January this year, nearly 60% of global mining was powered by renewable energy sources, and Bitcoin miners are in a hurry to exploit the “stranded” natural gas resources that would normally be burned. In addition, a report released by CoinShares in January this year revealed that Bitcoin mining could be only 0.08% of the world’s total CO2 emissions by 2021.
Sam Tabar, chief security officer of Bit Digital, the official trading company of the Bitcoin mining company, told the Cointelegraph that the environmental impact of Bitcoin is often exaggerated by critics:
“The environmental impact of Bitcoin mining is greatly exaggerated by critics and traditional financial authorities (IMF, etc.) because they know they can replace a new anti-cultural movement by using false environmental arguments. They are trying to turn us on against each other. They ignite the world with false green arguments and I understand why: They do not want to lose influence over the rulers of a system that works only for the elite. “
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