Revolut’s crypto chief says ‘Christmas lights use more energy than Bitcoin’
Ed Cooper, who is the crypto product owner for challenger bank Revolut, believes that concerns about Bitcoin’s impact on the environment are unwarranted. Despite the fact that the Proof-of-Work (PoW) consensus method that Bitcoin (BTC) uses has been the subject of scrutiny for being a mechanism that requires a significant amount of energy.
According to the European Central Bank, the amount of energy that is used in cryptocurrency mining is equivalent to more than an entire year’s worth of energy consumption in countries such as Austria, France, Spain, and the Netherlands. As per the analysis, PoW is the primary source of the problem with energy use. Although PoW is the standard procedure for Bitcoin, the Ethereum Foundation claims that switching to a Proof-of-Stake mechanism.
Source
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