Bitcoin influencer and podcaster Anthony “Pomp” Pompliano said there was no reason to “apologize” for Bitcoin’s energy consumption because “the crucial things in the world are consuming energy”..
He made these comments in a December 27 interview on CNBC’s morning talk and news show “Squawk Box”. with Joe Kernen.
During the interview, claimed that many people overlook “key points” in the “climate argument” against the Bitcoin ecosystem (BTC), especially when it comes to comparisons with fiat currencies like the US dollar:
There is a linear relationship between energy consumption and the dollar system: to support more users and more transactions, we need to use more energy, more data centers, more bank branches, more ATMs.
Yes he added, “The Bitcoin blockchain does not have the same linear relationship with energy consumptionBecause regardless of the number of transactions per block, each block consumes the same energy. As Bitcoin scales it becomes more efficient as it can add greater economic value to each of those blocks..
“When it scales, #bitcoin because always more efficient, because you can pack more economic value into each of these blocks. In the legacy system, you have to use more power as you scale … we shouldn’t apologize for the power consumption. ” @APompliano on #btc Power consumption. pic.twitter.com/gFSMFz3ApU
to???? Squawk Box (@SquawkCNBC) December 27, 2021
“As you scale, Bitcoin becomes more and more efficient because you can put higher economic value in each of these blocks. In the old system you have to use more energy with the scaling … we shouldn’t apologize for the energy consumption “, @APompliano on the energy consumption in btc.Â
Bitcoin uses 8 times more energy than Google and Facebook
The interview aired on the same day as the release of a new research by Trading Platforms which found that The energy consumption of the Bitcoin (BTC) ecosystem is eight times that of Google and Facebook combined.
The report said that “the fear lies in the amount of electricity such a small sector uses”.. According to the Cambridge Bitcoin Electricity Consumption Index, the BTC ecosystem consumes 125.04 terawatts per hour annually, similar to the energy consumption of a small country like Chile or the Philippines.
The controversy surrounding BTC’s energy consumption is not new, and it is unlikely to be resolved anytime soon.. As previously reported by Cointelegraph, the New York Digital Investment Group estimates that BTC mining will account for 0.9% of global carbon emissions by 2030.
He’s been busy since Pomp’s interview with CNBC. On December 29th, he was interviewed by Lily Knight on “The Lily Show” about BTC..
That was my favorite interview that I had all year round. https://t.co/Hx1j28HFqh
to???? Pomp (@APompliano) December 28, 2021
This was my favorite interview that I had all year round.