Just days before the “European Sustainable Energy Week”, Europe’s largest event dedicated to renewable energy and energy efficiency, we discussed the concepts of Bitcoin (BTC) and sustainable energy for our dear readers.
Although the cryptocurrency sector seems to be an area where investors are involved to make money and achieve financial freedom, the long-term return of using Bitcoin can be more than financial gain.
Especially global warming problem that threatens our future And planetary crises Considering that, one of the most important long-term returns of Bitcoin is energy consumption And sustainability It will have an innovative structure at the point.
Traditional finance consumes 50 times more energy than Bitcoin
Blockchain technology and cryptocurrencies energy consumptionin recent years a frequently discussed topic became. Bitcoin, in particular, has come under criticism for its energy consumption and environmental impact. However, most of these criticisms are about Bitcoin’s energy consumption. from the wrong perspective is evaluating.
To understand and evaluate Bitcoin’s energy consumption energy consumption of existing financial systems. and we have to consider the sustainable energy nature of Bitcoin.
energy consulting firm valuechain by 2022 Compared to Bitcoin, the traditional financial system, according to a study conducted in 50 times more produces energy. Bitcoin’s global network per year 88 TWh annual energy usage profile of the traditional banking system while consuming energy 4 thousand 981 TWhis . This means that Bitcoin’s energy consumption is higher than that of traditional banking. much lower shows that.
central banks money printing processis often overlooked in terms of energy consumption. However, this process requires a significant amount of energy both for the production of physical currencies and for the management of digital currencies.
In addition, banks and other financial institutions are used to process and manage transactions. large data centers uses. These data centers consume a significant amount of energy. And also of ATMs requirements (air conditioning, employees, computers, etc.) and used in the banking sector. millions of tons of paper magnifies the extent of the damage.
Bitcoin compared to Turkey’s energy consumption
To start with an example, according to the data collected in 2022 Bitcoin consumes an amount of energy equivalent to 36.9% of the energy consumed by Turkey in 1 year.
Bitcoin’s annual energy consumption is approx. 121.36 TWh. Turkey’s total electricity consumption in 2022 is 328.9 TWh. Based on these data, we can calculate the ratio of Bitcoin’s energy consumption to Turkey’s total electricity consumption.
121.36 TWh (Bitcoin’s energy consumption) / 328.9 TWh (Turkey’s total electricity consumption) = 0.369
This result shows that Bitcoin’s energy consumption is approximately equal to Turkey’s total electricity consumption. made up 36.9% of shows. However, there is no need to scapegoat Bitcoin right away, as more than half of this energy consumed comes from sustainable sources.
Bitcoin’s impact on global warming and its energy saving potential
Bitcoin mining is an energy-intensive process, but this energy is increasingly from sustainable sources is obtained. Bitcoin Mining Council (BMC) According to the report, participants in the global Bitcoin network 67% sustainable uses energy. Based on these data, the total sustainable energy mix 56% It is estimated to be as high as
This is Bitcoin mining one of the most sustainable industries globally makes it. This rate of the USA Only 30.5% sustainable energy use and from 15% of China compared to using less sustainable energy.
Bitcoin’s capacity to reduce energy consumption and use sustainable energy, worldwide energy savings has the potential to provide Bitcoin can play an important role in reducing global warming by reducing energy consumption and using sustainable energy sources. bitcoin, by optimizing energy consumption and can increase energy efficiency by using renewable energy sources. can reduce carbon footprint.
As a result, Bitcoin’s energy consumption is generally misleading presented somehow. Bitcoin, with its capacity to reduce energy consumption and use sustainable energy to a sustainable future plays an important role.
El Salvador’s Sustainable Bitcoin steps
El Salvador, the first country where Bitcoin was accepted as a legal currency, took a new step in the use of sustainable energy and started mining Bitcoin with volcanic energy.
President of the country Nayib BukeleThis move is for Bitcoin mining using the country’s geothermal energy resources. cheap and renewable energy stated that it has fulfilled its promise to provide funding.
Bitcoin mining engineer making a statement on the subject Brandon Arvanaghi He stated that this step will revive a form of energy that has not been used efficiently for a long time:
Thanks to Bitcoin, a completely renewable, unused energy source has been put on the agenda. Bitcoin is the biggest accelerator of renewable energy development in history.
This is a strategy that has the potential to reduce the energy consumption and mitigate the environmental impact of Bitcoin mining. The said innovative approach is that Bitcoin can have a sustainable energy structure and an important role in tackling global warming It shows you can play.