This has to be the most complete comparison of BTC’s electric usage vs the banks I have found thus far. As some of you know I work in the Data Center industry and primarily the financial sector. So when I see people complaining about how much electric BTC uses I always cringe because I know that person is clueless as to how much electric our current banking systems use. Most of the comparisons I see are very similar to the Visa comparison in the beginning of this article. Even this article doesn’t include some of the larger power usage with in a Financial data center that revolves around collecting your data for research in trends, government regulations, and in general market data. Sure some of this would stick around if BTC were to replace banks but not to the level that it is currently.
In summary Carlos Domingo (Author of the Article on Hackernoon) came to the conclusion that BTC is atleast 3 time more efficient in power usage than our current system. This is using the outrageous 28.67TwH estimate. He goes on to show that with the current hash rate if everyone was using an S9 this number is more like 500GwH several orders of magnitude lower than the TwH estimation. Using 500GwH’s makes BTC 60x more efficient than our current banking system. This is just comparing BTC electric usage with Visa, it doesn’t include any of the other credit card companies like MasterCard or American Express which have and require the same infrastructure.
One last point that I want to bring up is that our current system has yet to scale to some of the largest populations in the world “The Unbanked” in places like China and India. The large banks are just now starting to move into those places and with that it will scale their inefficiencies both from payments and power usage.
Anyhow here is the link and please share so that the ones that are worried about climate control can get on board with BTC.