According to a recent report by Nasdaq Bitcoin is 50 times more imperishable in comparison to the financial banks. The Nasdaq report also reveals the energy which is generally used in bitcoin mining is drastically 50 times lesser than that of usual banks.
Because of its excessive energy utilization, the PoW-based resolution strategy employed by the Bitcoin network has long received backlash.
It has risen to such high proportions that it is no longer maintainable. It is necessary to mention that the University of Cambridge’s analysis of data indicates that the yearly energy demand of the Bitcoin blockchain is nearly 121 terawatt-hours (TWh).
If that figure doesn’t ring a bell, try to visualize how much more Bitcoin would consume if it were a nation than the Netherlands, Pakistan, or Denmark. So, compared to the entire BTC network, these nations use less energy. It is also important to note that the sources employed to generate the necessary energy have a significant impact on the environment.
The crypto-lawyer seizing the moment
However, trying to “hide” a problem behind another, more serious situation certainly does not make it magically disappear.
Lars Schlichting‘s statement about this new study appears curious. Apparently, the lawyer used this analysis to highlight his apparent Bitcoin maximalism.
The introduction leaves room for argument:
“I am concerned about our planet, that’s why I support #bitcoin”.
The tweet links to a post on his LinkedIn profile where the full text can be read.
The claim made by Lars Schlichting relating to this most recent study seems odd. Evidently, the lawyer emphasized his obvious Bitcoin pretension using this analysis.
There is room for discussion in the introduction: “I support #bitcoin because I care about the environment.”
The complete text of the tweet can be read by following the link to a post on his LinkedIn profile.
Lars makes a suggestion that Central Banks might leverage the blockchain of Bitcoin to create CBDCs while also shutting down all of the servers that the banks themselves use.
His “recommendation” might also seem absurd, especially to proponents of blockchain technologies that are greener and nearly carbon neutral.
The PoS paradigm is the foundation of the most resilient blockchains:
The lawyer’s perspective could, at the very least, propose using a blockchain that is genuinely green and completely cognizant of the sustainability issue. Unsurprisingly, a statement made by Charles Hoskinson, a co-founder of the Cardano blockchain, saves the day in the Nasdaq survey.
According to Hoskinson, “Bitcoin’s energy consumption has more than quadrupled since the beginning of its last peak in 2017 and it is set to get worse because energy inefficiency is built into Bitcoin’s DNA.
Bitcoin’s carbon footprint will get exponentially worse because the more its price rises, the more competition there is for the currency and thus the more energy it consumes”.
