Expert: Renewable Energy Not Enough for Bitcoin’s Sustainability Problem

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Renewable energy will not solve Bitcoin’s (BTC) sustainability problem according to a blockchain specialist at Big Four auditing company PwC, Alex de Vries. De Vries presented his argument in a study published in sustainable energy journal Cell on March 14.The research cites estimates from de Vries’ website, according to which Bitcoin consumed anywhere from 40 terawatt hours (TWh) to 62.3 TWh throughout 2018. According to the paper, this is on par with the energy consumption of countries like Hungary (40.3 TWH) and Switzerland (62.1 TWh).De Vries quotes research published in 2014 that estimates that the energy consumption of the entire finance sector could be as high as 650 TWh of energy per year. Still, de Vries points out that this includes data centers, bank branches and ATMs. Bitcoin’s energy consumption estimate only considers mining and not Bitcoin ATMs and trusted third parties such as exchanges, wallet providers and payment service…

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