Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Anthony Pompliano (Pomp) tells CNBC that he thinks there is no need to apologize for Bitcoin’s energy use. However, a report from Trading Platforms shows worrying figures.
Podcaster Anthony Pompliano, co-founder of Morgan Creek Digital, has been an influential figure in relation to the Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. over the last few years. In February 2020 it launched a forecast that by the end of 2021 it would the main cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. would be worth USD $100,000. Although his projection was not fulfilled and the coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. is worth half of that, he remains a faithful believer in BTC and this is what he said in his last interview with the network a network refers to all nodes in the operation of a blockchain at any given moment in time. CNBC.
In fact, and despite the fact that he may earn the hatred of environmental advocates, he maintains that excessive energy use in mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. Bitcoin should not be a reason for apology. Those were his words:
We shouldn’t apologize for Bitcoin’s energy usage, crucial things in the world use energy.
The interview took place on December 27th on the morning news and interview program of the CNBC “Squawk Box” with Joe Kernen. There he said that many people are overlooking “key points” in the “climate argument” against the ecosystem of Bitcoin especially when it comes to comparisons with fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currencies such as the US dollar:
“There is a linear relationship between energy consumption and the dollar system: to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. more users and more transactions, we need to consume more energy, more data centers, more bank branches, more ATMs.”
He added: “The Bitcoin Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. does not have this same linear relationship with energy consumption, as regardless of the number of transactions per block, each block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. consumes the same energy.”
And he pointed out:
As Bitcoin scales, it will become more efficient because it will be able to add more economic value to each of these blocks.
In the legacy system, as it scales, it needs to consume more power … we should not apologize for the power usage.
You can watch the full video of the interview here .
Worrying Report: Bitcoin Energy vs Google and Facebook
Cointelegraph The interview was broadcast on the very same day that a new investigation by Trading Platforms , which shows that the energy consumption of the ecosystem Bitcoin e s eight times greater than that of Google y Facebook together.
The report states that “the fear lies in the amount of electricity consumed by such a small sector”. .
According to data presented by Tradingplatforms.com , Bitcoin devours 143 terawatt-hours (TWh) of energy per year. That’s more than many medium-sized European nations, such as Norway and Switzerland. However, it is worth noting that it is infinitely less than the amount of energy in China and the United States.
The research specifies:
“Comparing Bitcoin’s electricity demands with those of individual tech companies highlights the stark contrast in their consumption volumes. For example, Google, the leading search engine, uses just 12 TWh. That’s one-twelfth of BTC’s energy use.
Likewise, Facebook’s energy requirements pale significantly in comparison to BTC. The social media giant requires only 5TWh of electricity for its functions. That’s a measly 3.5 percent of what crypto needs.
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