ING is worried by the enormous energy consumption of Bitcoin. Recently, the bank has published a report claiming that Bitcoin transactions will consume as much electricity as a home in a month. The officials of this bank, the Dutch seem to believe that this is problematic, since the traditional methods of electronic payment do not use as much energy. The report goes on to say that the money trust will always be the currency with which the people will pay their taxes.
How much power does one speak exactly ?
A senior economist at the bank ING’s Teunis Brosens, explained why energy use is so high. “Taking into account the fact that the verification of transactions is a costly activity, the integrity of the network can be preserved as long as the nodes are not benevolent control the majority of computing power “. The economist was then compared to the energy consumption of Bitcoin with that of its appliances. An article from Business Insider sums up very well the thoughts of Teunis Brosens. Here is an excerpt interesting : “To fully integrate this energy consumption, we have to fit in a context. 200 kWh, enough to travel more than 200 wash cycles. In fact, it is sufficient to search the entire house for four weeks, which consumes about 45 kWh per week, for a price of 39 € (according to the tariffs in force in the netherlands).
The Bitcoin va-t-it is depriving the citizens of electricity ?
The banker ING has added that the model of energy use of the Bitcoin is permeated with a “striking contrast” compared to the energy consumption of the systems to traditional financial. He said that the Bitcoin consumes an amount of energy is ” exponentially greater “. The Banker venture to say that the Bitcoin will in some time to drain all the power consumption, if people stop using the old payment gateways ” trusted “.
You should know that it is possible to produce a Bitcoin of way ecology. Here is the presentation of a farm, mining for Bitcoin powered by solar energy.
Source : News.Bitcoin