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<pre class="wp-block-verse has-text-align-center"><strong>Digital Asset</strong> Management Company Calculates How Much Electricity Is Used To Maintain The Main <strong>Cryptocurrency Network </strong>And <strong>Banking </strong>Sector</pre>



<p><strong>Galaxy Digital</strong>, one of the largest <strong>crypto asset</strong> management companies, published the results of its own research , from which it follows that the <strong>bitcoin network </strong>consumes half the <strong>energy </strong>of the <strong>banking </strong>sector. </p>



<p>According to the company&#8217;s estimates, the cost of <strong>electricity </strong>for maintaining the network of the main <strong>cryptocurrency </strong>is 113.89 TW / h, and about 263.72 TW / h is needed to ensure the operation of the <strong>banking </strong>sector. The <strong>electricity </strong>consumption for<strong> gold mining</strong> at <strong>Galaxy Digital</strong> was estimated at 240.61 TW\h.</p>


<blockquote class="twitter-tweet">
<p lang="en" dir="ltr">The team at Galaxy Digital Mining wrote an excellent white paper examining <a href="https://twitter.com/hashtag/bitcoin?src=hash&;ref_src=twsrc%5Etfw">#bitcoin</a>’s energy usage. </p>
<p>Did you know that 19x more energy is lost in transmission than Bitcoin miners consume? Great research here—and we open sourced our methodology.<a href="https://t.co/bTR40GdiSP">https://t.co/bTR40GdiSP</a> <a href="https://t.co/wjd92RmC1l">pic.twitter.com/wjd92RmC1l</a></p>
<p>— Galaxy Digital Research (@glxyresearch) <a href="https://twitter.com/glxyresearch/status/1393166955864117248?ref_src=twsrc%5Etfw">May 14, 2021</a></p></blockquote>
<p> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>



<p><strong>Galaxy Digital</strong> analysts noted that <strong>Bitcoin&#8217;s electricity </strong>consumption is tracked transparently in real time, which is not the case for the <strong>banking </strong>sector. </p>



<p>The company&#8217;s report says that banks do not provide open data on <strong>energy </strong>consumption, so multiple levels of calculations were used for these indicators.</p>



<p>Last week, Tesla ; suspended the sale of its electric vehicles for <strong>bitcoins </strong>due to the unsustainable way of <strong>mining </strong>them. The head of the automaker <strong>Elon Musk</strong> said on Twitter that <strong>Tesla </strong>cannot afford to harm the environment, so it will not accept <strong>cryptocurrency </strong>as payment until it starts <strong>mining </strong>with renewable <strong>energy </strong>sources.</p>



<p>Musk later questioned the decentralization of <strong>Bitcoin </strong>and recalled the recent situation with power outages in China, which reduced the hash rate of the main <strong>cryptocurrency </strong>network by 35%. ;</p>



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