Bitcoin's real energy consumption questioned
as Ethereum founder criticizes BTC Bitcoin utilizes almost 1% of the world's power, according to a founding member of Ethereum, while alternative sources estimate the figure far lower.
The controversy about Bitcoin's energy usage has resurfaced, with Ethereum co-founder Anthony Donofrio arguing that Bitcoin consumes "far too much" electricity. Bitcoin (BTC) presently consumes 0.82 percent of the world's electricity, while Ethereum (ETH) consumes 0.34 percent, according to Sources. Ethereum analyst Justin Drake tweeted the figures to his followers, which Donofrio retweeted, saying: Ethereum supporters are aiming to poke fun at Bitcoin while also promoting Ethereum's imminent proof-of-stake switch. Drake followed up with a tweet that stated, "Ethereum post-merge: 0.000% of the globe."
The numbers' accuracy, however, is questioned.
In a later tweet, Drake was compelled to recognize different sources of data, estimating energy consumption numbers to be roughly 60% lower.
Data from sources, which bills itself as a platform that "uncovers the unintended repercussions of digital developments," has already been criticized by blockchain experts. One of them is fellow Ethereum engineer Josh Stark, who has chastised the journal for routinely portraying the worst-case possibility when it comes to blockchain technology.
Stark questioned the reliability of sources' research methodology in a Twitter thread he posted in November of last year. When compared to more quantitative sources like the University of Cambridge, practically all of the statistics for blockchain power usage were at the "extremely high end" of any plausible consequence.
Whereas sources assert that Bitcoin uses 204 terawatt-hours of power each year, the University of Cambridge's Bitcoin Electricity Use Index indicates that Bitcoin's actual consumption is closer to 125 TWh, a discrepancy of 39%.
While it is widely known that Bitcoin's proof-of-work consensus method consumes energy, the question of how much energy the Bitcoin network truly consumes remains a contentious topic.
According to some worldwide analyses, getting a definitive estimate of Bitcoin's real power usage is challenging due to the wide range of energy sources used to fuel Bitcoin mining throughout the world.
Nearly 60% of worldwide mining operations were apparently fuelled by renewable energy sources as of January this year, and Bitcoin miners are hurrying to use "stranded" natural gas supplies that would otherwise be burnt. Furthermore, according to research in January 2022, Bitcoin mining might account for only 0.08 percent of global CO2 emissions in 2021.