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 Bitcoin throughout the last few years. In February 2020, it released a forecast that by the end of 2021 the main cryptocurrency would be worth $ 100,000. Although his projection was not fulfilled and the coin is worth half of that, he is still a faithful believer in BTC and so he said in his last interview with the chain CNBC.
In fact, and despite the hatred of environmental defenders, he argues that excessive use of energy from mining Bitcoin It shouldn’t be an apology. It was his words:
We should not apologize for the energy use of Bitcoin, the crucial things in the world use energy.
The interview was on December 27 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 to 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 consume more energy, more data centers, more bank branches, more ATMs.”
Added: “The Bitcoin Blockchain does not have this same linear relationship with energy consumption, since, regardless of the number of transactions per block, each block consumes the same energy.”
And he highlighted:
As Bitcoin scales, it will be 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 shouldn’t apologize for power usage.
You can see the full video of the interview here.
Worrisome Report: Bitcoin Energy vs Google and Facebook
Cointelegraph account that the interview was broadcast precisely the same day that a new investigation of Trading Platforms, showing that the energy consumption of the ecosystem Bitcoin ands eight times greater than that of Google Y Facebook together.
The report states that “The fear lies in the amount of electricity that such a small sector consumes”.
According to the data presented by Tradingplatforms.com, Bitcoin it devours 143 terawatt-hours (TWh) of energy per year. That’s more than many medium-sized European nations, like 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 investigation specifies:
“Comparing Bitcoin’s electricity demands to those of individual technology companies highlights the stark contrast in their consumption volumes. For example, Google, the main search engine, uses only 12 TWh. That’s one twelfth of BTC’s energy use.
Likewise, Facebook’s power requirements pale significantly in comparison to BTC’s. 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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