{"id":26253,"date":"2021-10-21T13:05:18","date_gmt":"2021-10-21T11:05:18","guid":{"rendered":"https:\/\/thecryptowolf.net\/2021\/10\/21\/bitcoin-mining-council-sets-the-record-straight-on-btc-energy-costs-the-tokenist\/"},"modified":"2021-10-21T13:05:18","modified_gmt":"2021-10-21T11:05:18","slug":"bitcoin-mining-council-sets-the-record-straight-on-btc-energy-costs-the-tokenist","status":"publish","type":"post","link":"https:\/\/thecryptowolf.net\/2021\/10\/21\/bitcoin-mining-council-sets-the-record-straight-on-btc-energy-costs-the-tokenist\/","title":{"rendered":"Bitcoin Mining Council Sets The Record Straight on BTC Energy Costs – The Tokenist"},"content":{"rendered":"
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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our\u00a0website policy<\/a>\u00a0prior to making financial decisions.<\/div>\n

Upon closer examination, mainstream narratives tend to fall apart. The same is true when we examine and properly contextualize Bitcoin\u2019s carbon footprint, courtesy of the Bitcoin Mining Council.<\/p>\n

Bitcoin\u2019s Energy Waste Narrative Examined<\/h3>\n

Over the years mainstream Bitcoin coverage has slowly shifted in tone. Within the first half of the decade, since Bitcoin launched in 2009, it was commonplace to tie Bitcoin to the internet\u2019s dark underbelly and shady dealings.<\/p>\n

As crypto adoption increased regardless, the MSM narrative slowly shifted to talk about Bitcoin\u2019s energy waste. The headline recipe became simple: \u2018Bitcoin uses as much energy as X country\u2019.<\/p>\n

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From the BBC to Washington Post and New York Times, the MSM is extremely concerned with Bitcoin\u2019s electricity consumption.<\/figcaption><\/figure>\n<\/div>\n

This begs the question: if Bitcoin\u2019s blockchain network does use an equal amount of electricity as X country, is this good or bad? As a global payment and wealth storing network, should it use less or more? In other words, against which metric is fair to say what level of energy Bitcoin deserves to use?<\/p>\n

In May, we attempted to answer that question by covering the Galaxy Digital study. It revealed that the banking industry uses 2.1x more energy than Bitcoin<\/a>.<\/p>\n

Does that mean banks\u2019 data servers are extremely wasteful and should be treated as such by the MSM headlines? On top of that, there is the matter of an exceedingly long carbon footprint tail the current financial infrastructure drags along:<\/p>\n